August Series Start on Strong Note, Nifty Eyes on 25K Mark...

EQUITY BULLETIN FOR 29 JULY 2024

The market had a robust follow-up session, marking a positive start to the August series. On July 26, the Nifty 50 climbed steadily, ending at a new closing high of 24,835, up 429 points or 1.8%, with buying across sectors. For the week, the index gained 1.2%.

The Nifty Put-Call ratio (PCR) rose to 1.36 from 1.21, indicating a bullish market sentiment. Volatility remained within the previous day's range and below key moving averages, favoring the bulls. The India VIX, the fear index, declined by 2.93% to 12.25 on Friday, and dropped 17.4% for the week.

Nifty Future Overview

One way rally was noticed in the Nifty with no breaker in the last trading session. Now we will expect it to test 25K mark in today's trading session.

Now Nifty has major support around 24700 and upside resistance around 24880. Break and sustain above 24880 could propel Nifty towards levels of 24960-25060.

Conversely, a downturn below 24700 may trigger a decline to 24620-24550 levels. Buy on dips around support will be a crucial strategy for the traders.

Trading Strategy for Nifty Futures 

Traders are advised to Buy Nifty Futures around 24800, with a stop loss set below 24680 for potential targets up to 24950—25050 levels.

Bank Nifty Overview    

Bank Nifty too performed well and achieved our intraday targets in the last trading session. Now Bank Nifty Futures turned bullish and looks solid for the fresh run. Bank Nifty has a near support around 50900 and resistance at 51500, sustained movement beyond 51500 could lead Bank Nifty towards 51800-52100 levels.

Conversely, a breach below 50900 may drive it down to 50700-50600 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future around 51200 with a stop loss above 50900 for the upside movement till 51500—51800 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

PNB (29/07/2024)

Buy PNB Futures above 122 for the upside move till 125 and then to 128 levels in the coming days. Stop loss below 119.50.           

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.