A gap-up move will expect for the day after the FED policy...

EQUITY BULLETIN FOR 05 MAY 2022

Nifty Futures

After a sharp breakdown, we will expect a bounce after the FED policy. Now Nifty has resistance around 16950 if it breaks and sustains above 16950 will see an upside rally till 17040 — 17100 levels in an intraday session.

Nifty has major support around 16600, an break below 16600 will see a major downside fall till 16500 — 16450 levels in an intraday session.

Trading strategy

Traders can buy Nifty Future around 16800 with a stop loss below 16700 levels for the upside movement till 16950 — 17000 levels in an intraday session.

Bank Nifty Futures

Bank Nifty has given a major breakdown but holds its major support of 35000. Bank Nifty has resistance around 36000, breaks and sustains above 36000 will see an upside movement till 36300–36500 levels in an intraday session.

Otherwise, major support around 35000, breaks below 35000 will see a fresh downside fall till 34800-34700 levels in an upcoming session.

Trading Strategy

Traders buy Banknifty Future above 35500 with a stop loss below 35300 for the upside movement till 35800—36000 levels in an intraday trading session.

Stock Pick of the day

POWERGRID

Buy Powergrid above 240 for the upside move till 245 and then to 248 levels in the coming days. Stop-loss below 235.

*T&C Apply…