After a Bloodbath, Will Market Bounce or Continue its Downfall?

EQUITY BULLETIN FOR 30 JANUARY 2023

Nifty Futures

Nifty witnessed a free-fall move in the last trading session. Now Nifty has near support around 17500 and upside hurdle around 17800 levels. Break above 17800 will see a short term bounce till 17920-18000 levels in the upcoming trading sessions.

On the other side, Nifty has major support around 17500 levels, break and close below 17500 will see a downside fall till 17400-17300 levels.

Trading strategy

Traders can Buy Nifty Future at support of 17500 with a stop loss below 17350 levels for the upside movement till 17650— 17750 levels.

Bank Nifty Futures

Bank Nifty is trading on a bearish note. Bank Nifty has near resistance around 41200, breaks and sustains above 41200 will see an upside movement till 41500-41800 levels.

We have a downside support around 40400, breaks below 40400 will see a downside fall till 40000 level in an upcoming session.

Trading Strategy

Traders can sell Banknifty Future around 41100 with a stop loss above 41400 for the downside movement till 41800—41600 levels in an intraday trading session.

Stock Pick of the day

EMAMI LTD

Buy Emami Ltd around 435 for the upside move till 450 and then to 460 levels in the coming days. Stop loss below 420.

*T&C Apply…