Another Positive Start Will Expect on the Final Day of the Week...

EQUITY BULLETIN FOR 21 JUNE 2024

On June 20, the Indian benchmark indices ended the day on a positive note following a volatile trading session. The Sensex climbed 141.34 points, or 0.18%, to close at 77,478.93, and the Nifty gained 51 points, or 0.22%, finishing at 23,567. The market experienced 2,068 shares advancing, 1,304 shares declining, and 83 shares remaining unchanged.

Sector-wise, the market saw selling pressure in the auto, pharma, and PSU bank sectors, while there was buying interest in the metal, capital goods, realty, and oil & gas sectors.

Nifty Future Overview

Nifty again climbed with another positive session and ended on a bullish note in the last trading session. Now we will expect another upside move amid supportive cues from domestic markets.

Now Nifty has major support around 23500 and upside resistance around 23650. Break and sustain above 23650 could propel Nifty towards levels of 23720-23780.

Conversely, a downturn below 23500 may trigger a decline to 23440-23370 levels. Buy on any sharp dip will be a buying opportunity for the upcoming sessions.

Trading Strategy for Nifty Futures 

Traders are advised to consider buy Nifty Futures around 23500, with a stop loss set below 23400 for potential targets up to 23580—23630 levels.

Bank Nifty Overview    

Bank Nifty too performed well and achieved our intraday targets in the last trading session. Now we will expect both side move in upcoming sessions.

Now Bank Nifty Futures has a near support range around 51400 and resistance at 51800, sustained movement beyond 51800 could lead Bank Nifty towards 52100-52400 levels.

Conversely, a breach below 51400 may drive it down to 51200-51000 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future around 51400 with a stop loss below 51000 for the upside movement till 51800—52000 levels in an intraday trading session.

In conclusion, traders are advised to remain vigilant amidst market fluctuations and capitalize on strategic entry and exit points to optimize their trading endeavors.

Stock Pick of the Day

ZEEL (21/06/2024)

Buy ZEEL Future above 158 for the upside move till 163 and then to 166 levels in the coming days. Stop loss below 154.           

Stay tuned for further insights and updates from Millennial Investor Services - Your Trusted Stock Market Advisory Partner.  

Stock market analysis, Nifty futures, Bank Nifty, Trading strategies, Market volatility, Financial year-end, Technical analysis, Support and resistance levels, Trading opportunities, and Market trends.

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