Again Bulls are on the Driving Seat...

EQUITY BULLETIN FOR 05 JANUARY 2024

Nifty Futures

Nifty Futures bounced sharply and formed a bullish reversal pattern in the last trading session. We will expect fresh highs in upcoming sessions.

Now, Nifty Futures has near support around 21650 and upside near hurdle around 21850 levels. Break and sustain above 21850 will take it towards 21920-21960 levels and further upside move will expect on close above 21920 levels in the upcoming trading sessions.

On the other side, Nifty has major support around 21650 levels, break and sustain below 21650 will expect a downside fall till 21580-215400 levels.

Trading strategy

 Traders can Buy Nifty Future on dip around 21720 with a stop loss below 21640 levels for the upside movement till 21820— 21850 levels.

Bank Nifty Futures

Bank Nifty reversed sharply and performed as per our expectations in the last trading session. Bank Nifty has next support around 48100 and near resistance around 48600, breaks and sustains above 48600 will see an upside movement till 48850-49000 levels.

On the lower side, Bank Nifty has a next support around 48100, a break and sustain below 48100 will see a fresh downfall fall till 47800 levels.

Trading Strategy

Traders can Buy Bank Nifty around 48350 with a stop loss below 48100 for the upside movement till 48650—48800 levels in an intraday trading session.

Stock Pick of the day

M&MFIN (05/01/2024)

Buy M&MFIN Future above 280 for the upside move till 286 and then to 290 levels in the coming days. Stop loss below 274.

*T&C Apply…