A Sharp Short Covering Will Expect for the Day...

EQUITY BULLETIN FOR 20 JANUARY 2024

Nifty Futures

Nifty Futures recovered sharply and closed on a positive note. We will expect another short covering session for the day.

Now, Nifty Futures has near support around 21600 and upside near hurdle around 21750 levels. Break and sustain above 21750 will take it towards 21820-21880 levels.

On the other side, Nifty has near support around 21600 levels, break and sustain below 21600 will expect a downside fall till 21500-21450 levels.

Trading strategy

  Traders can Buy Nifty Future around 21650 with a stop loss below 21550 levels for the upside movement till 21750— 21800 levels.

Bank Nifty Futures

Bank Nifty is the strong contender for the short covering and we will expect a sharp upside move for the day. Bank Nifty has next support around 45700 and near resistance around 46100, breaks and sustains above 46100 will see an upside movement till 46400-46600 levels.

On the lower side, Bank Nifty has a next support range around 45700, a break and sustain below 45700 will see a fresh downfall fall till 45500-45400 levels.

Trading Strategy

 Buy Bank Nifty above 46100 with a stop loss below 45800 for the upside movement till 46400—46600 levels in an intraday trading session.

Stock Pick of the day

SBIN (20/01/2024)

Buy SBIN Future above 632 for the upside move till 645 and then to 650 levels in the coming days. Stop loss below 620.

*T&C Apply…