18300-The Make or Break Level...

EQUITY BULLETIN FOR 18 AUGUST 2023

Nifty Futures

Nifty Futures again dragged sharply on the weekly expiry and closed in the negative zone in the last trading session. Nifty also performed well as per our expectations and achieved downside targets in the last session.

Now Nifty Futures has near support around 19300 and upside near hurdle around 19450 levels. Break above 19450 will see an upside move till 19500 levels in the upcoming trading session. Fresh upside move will expect on a daily close above 19500 levels.

On the other side, Nifty has major support around 19300 levels, break and sustain below 19300 will see a downside fall till 19200 levels.

Trading strategy

Risky Traders can Buy Nifty Future around 19300 with a stop loss below 19200 levels for the upside movement till 19400— 19450 levels.

Bank Nifty Futures

PSU Banks supports the Bank Nifty in the expiry pressure and managed to closed with green candle in the last trading session. Bank Nifty has near resistance around 44200, breaks and sustains above 44200 will see an upside movement till 44400-44500 levels.

On the lower side, Bank Nifty has a major support around 43800, break and sustain below 43800 will see a fresh downfall fall till 43500 levels.

Trading Strategy

Traders can Buy Bank Nifty Future above 44200 with a stop loss below 43900 for the upside movement till 44400—44500 levels in an intraday trading session.

Stock Pick of the day

JINDAL STEEL

Buy Jindal Steel Future above 646 for the upside move till 654 and then to 660 levels in the coming days. Stop loss below 638.

*T&C Apply…