Nifty have managed to save strong support area of 23800-24000 on the daily charts and is now expected to consolidate in the near-term period. The resistance for the index is around 24350-24400 on the higher side above which good short covering rally can be expected. The overall trend of the index is still bearish and may drift further lower if it breached 23900 once again. Bank Nifty have been in pressure in the last few days and is currently hovering around 57000 mark on the daily charts. The overall trend of the index seems to be bearish and sell rise on rise strategy should be adopted by the traders till it is not closing above 57200 on the short-term basis. The global markets are weak tracking the development in the middle east followed by heavy volatility in the crude oil prices. Stocks in News:

WAAREEENER

: company has signed a contract for the execution of engineering, procurement, and construction (EPC) works for a ground-mounted solar PV plant of 300 MWac / 420 MWp. (Impact: Positive) ARVINDSMART: company has acquired a new residential high-rise project in Whitefield (Impact: Positive)

HINDZINC

: company has signed a Memorandum of Understanding (MoU) with CMR Green Technologies. (Impact: Positive) HGINFRA: company has received an order worth Rs 401.33 crore from Anuppur Thermal Energy in Anuppur. (Impact: Positive)

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