A sharp downfall will expect for the day...

EQUITY BULLETIN FOR 06 MAY 2022

Nifty Futures

We will expect a sharp downside move for the day. Now Nifty has resistance around 16700 if it breaks and sustains above 16700 will see an upside rally till 16780 — 16820 levels in an intraday session.

On the other side, we will expect it to test 16400 levels. Now Nifty has major support around 16400, break and close below 16400 will see a downside fall till 16300 — 16250 levels in an intraday session.

Trading strategy

Risky traders can buy Nifty Future on dips around 16330 with a stop loss below 16200 levels for the upside movement till 16480 — 16550 levels in an intraday session.

Bank Nifty Futures

A sharp downfall will expect till 34200-34000 levels for the day. Bank Nifty has resistance around 35200, breaks and sustains above 35200 will see an upside movement till 35500–32700 levels in an intraday session.

Otherwise, major support around 34000, breaks below 34000 will see a fresh downside fall till 33800-33700 levels in an upcoming session.

Trading Strategy

Traders can sell Banknifty Future around 34950 with a stop loss above 35300 for the downside movement till 34600—34400 levels in an intraday trading session.

Stock Pick of the day

CHAMBELFERT

Sell Chambelfert below 440 for the downside move till 430 and then to 425 levels in the coming days. Stop-loss above 454.

*T&C Apply…