A Gap Down Opening Will Expect Amid Global Sell-off...

EQUITY BULLETIN FOR 16 AUGUST 2023

Nifty Futures

Nifty futures formed a hammer candle stick pattern in the last trading session. Now Nifty has immediate support around 19380 and near resistance around 19500 levels. Break above 19500 will see an upside move till 19600-19650 levels. Traders can enter above 19500 for the upside target of 19600+ levels.

On the other side, Nifty has support around 19380 levels, break and close below 19380 will see test 19300 levels.

Trading strategy

Traders can Sell Nifty below 19450 with a stop loss above 19550 levels for the downside movement till 19360-19300 levels.

Bank Nifty Futures

Bank Nifty Future is moving in a bearish zone and closed on a negative note in the last trading session. Bank Nifty has near resistance around 44400, breaks and an hourly close above 44400 will see an upside movement till 44600-44700 levels.

On the lower side, Bank Nifty has a near support around 44400, break and sustain below 44000 will test 43800 level. Further weakness will expect on close below 43800 levels till 43500 levels.

Trading Strategy

Traders can Buy Banknifty above 44400 with a stop loss below 44200 for the upside movement till 44600—44700 levels in an intraday trading session.

Stock Pick of the Day

RBL BANK

Buy RBL Bank Futures above 224. Stop loss below 220. Target-228-230.

*T&C Apply…