A Gap-Up Opening Will Expect After FED Forecasts for Rate Cut...

EQUITY BULLETIN FOR 21 MARCH 2024

Nifty Future Overview

A gap-up opening is expected for the day in domestic markets after the Federal Reserve kept rates steady and stuck to its forecasts of at least three rate cuts this year. Now we will expect a sharp short covering on the weekly expiry.

Now, Nifty futures have near support around 21800 and an upside near hurdle around 22000 levels. Break and sustain above 22000 will take it towards 22120-22200 levels.

On the other side, Nifty has major support around 21800 levels, break and sustain below 21800 will expect a sharp downside fall till 21720-21650 levels. Buy on dips around support will be a good strategy for the traders.

Trading strategy

Traders can Buy Nifty Futures above 22000 with a stop loss below 21900 levels for the upside movement till 22120— 22200 levels.

Bank Nifty Overview

Bank Nifty again formed a Doji candle with a positive bias on the daily chart, indicating an upside reversal in upcoming sessions. Bank Nifty's future has near major around 46200 and near resistance around 46800, breaks and sustains above 46800 will see an upside movement till 47100-47400 levels.

On the lower side, Bank Nifty has a near major support around 46200, a break and sustain below 46200 will see a downside fall to 46000-47900 levels.

Trading Strategy

Buy Bank Nifty Future above 46800 with a stop loss below 46400 for the upside movement till 47100—47400 levels in an intraday trading session.

Trade cautiously with levels only.

Stock Pick of the Day

CONCOR (21/03/2024)

Buy CONCOR above 845 for the upside move till 860 and then to 870 levels in the coming days. Stop loss below 830.     ***T&C Apply...