Bears Again took the Command...

Daily Equity Bulletin

After a 350-point one-sided rally, the Nifty witnessed a strong profit booking from the 24750 level and closed at 24579. Power Grid was the top gainer today, gaining 2.45%, and M&M was the top loser today, declining -2.44%.

Asian market closed mixed note today. Nikkei closed up 0.29% and Hang Seng closed down at -0.47%.

Nifty FMCG was the top sector performer today, gained over 1.12%. Nifty Fin service was the top loser sector today.

Investors remain fixated on upcoming U.S. economic data, especially the highly anticipated nonfarm payrolls release on Friday, Sept 5.

Nifty

Nifty reversed sharply from upper levels after heavy profit booking by FIIs. Support around 24520, a move below this level will see a sharp decline move towards 24400-24350 levels. Key resistance around 24680, break and sustain this level will expect upside move till 24750-24800 level.

📌 Trading Strategy:

🔻 Buy around Nifty future on dip 24650

🎯 Target: 24750-24780

🚫 Stop Loss: Below 24580

Bank Nifty

In the previous session, Bank Nifty closed on a negative note at 54000. Support around 53400, break below this level will see downside move till 53000-53900 mark. On the other side, resistance around 53900 break and sustain above this will see an upside move till 54200-54300 levels.

📌 Trading Strategy:

🔻 Buy Bank Nifty future on dip around 54000

🎯 Target: 54250-54320

🚫 Stop Loss: Below 53800

Nifty PCR of approximately 1.13 means there are about 13% more open interest in Put options than Call options.