After a Bloodbath, Will Market Rebound?

EQUITY BULLETIN FOR 03 AUGUST 2023

Nifty Futures

Nifty futures dragged sharply and closed on a weak note in the last trading session. Now Nifty has immediate support around 19450 and near resistance around 19650 levels. Break above 19650 will see an upside move till 19750 levels. Traders can enter on dips around major support level for the upside move of 100-150 points.

On the other side, Nifty has support around 19450 levels, break and an hourly close below 19450 will see a sharp fall till 193500 levels.

Trading strategy

Traders can Buy Nifty around 19450 with a stop loss below 19370 levels for the upside movement till 19550 — 19650 levels.

Bank Nifty Futures

Bank Nifty Future faced a sharp sell-off in the last trading session. Bank Nifty has near resistance around 45200, breaks, and an hourly close above 45200 will see an upside movement till 45400-45500 levels.

On the lower side, Bank Nifty has a near support around 44800, break and sustain below 44800 will test 44500 level. Further weakness will expect on close below 44500 levels till 44200 levels.

Trading Strategy

Traders can Sell Banknifty around 45200 with a stop loss above 45400 for the downside movement till 45000—44900 levels in an intraday trading session.

Stock Pick of the Day

STAR CEMENT

Buy Star Cement around 154-153 for the upside move till 164 and then to 170 levels in the coming days. Stop loss below 145.

*T&C Apply…