Anticipating a Gap Down Opening in Nifty and Bank Nifty Amidst Global Sell-Off

EQUITY BULLETIN FOR 06 MARCH 2024

Nifty Future Overview

Nifty Spot was unable to breach its near resistance of 22500 and turned bearish in the last trading session. Now, we will expect a gap-down opening in today's trading session.

Now, Nifty futures has near support around 22350 and an upside near hurdle around 22480 levels. Break and sustain above 22480 will take it towards 22540-22580 levels.

On the other side, Nifty has near support around 22350 levels, break and sustain below 22350 will expect a downside fall till 22300-22250 levels. Any sharp dip around 22250 will be a buying opportunity for the traders

Trading strategy

Traders can Sell Nifty Futures below 22400 with a stop loss above 22480 levels for the downside movement till 22330— 22300 levels.

Bank Nifty Overview

Bank Nifty again performed well and successfully filled the upside gap in the last trading session. We will expect a fresh bull run in upcoming sessions. Bank Nifty's future has near major around 47700 and near resistance around 48100, breaks and sustains above 48100 will see an upside movement till 48300-48500 levels.

On the lower side, Bank Nifty has a near major support around 47700, a break and sustain below 47700 will see a downside fall to 47500-47400 levels. Any sharp dip around support will be a good opportunity for the traders.

Trading Strategy

Buy Bank Nifty Future on dip around 47650 with a stop loss below 47300 for the upside movement till 47900—48100 levels in an intraday trading session.

Trade cautiously with levels only.

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VEDL (06/03/2024)

Buy VEDL on dip around 283.40 for the upside move till 289 and then to 294 levels in the coming days. Stop loss above 277.