Another Record High Will Expect After FED Policy...

EQUITY BULLETIN FOR 02 MAY 2024

Nifty Future Overview

Nifty achieved a fresh life high again but erased all intraday gains and formed a double top pattern. Now we expect another positive opening after the supportive FED policy. Now Nifty has major support around 22680 and upside resistance around 22850. A breach and sustained movement above 22850 could propel Nifty towards levels of 22930-23000. Conversely, a downturn below 22680 may trigger a sharp decline to 22600-22550 levels. Buy on dips around support will be a buying opportunity for traders.

Trading Strategy for Nifty Futures     Traders are advised to consider buying Nifty Futures around 22700 mark, with a stop loss set below 22600 for potential targets up to 22800—22850 levels.

Bank Nifty Overview     Bank Nifty erased all intraday gains and formed a shooting star in the last trading session. Now we will expect both side volatility in upcoming sessions. Now Bank Nifty Futures has near support range around 49300 and resistance at 49700, sustained movement beyond 49700 could lead Bank Nifty towards 50000-50200 levels. Conversely, a breach below 49300 may drive it down to 49000-48700 levels. Trading Strategy

Buy Bank Nifty Future around 49300 with a stop loss below 49000 for the upside movement till 49700—50000 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

ICICIGI (02/05/2024)

Buy ICICIGI above 1740 for the upside move till 1775 and then to 1800 levels in the coming days. Stop loss below 1705.            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. ***T&C Apply...