Bears Trying to Control the Market From the Top...

EQUITY BULLETIN FOR 01 JULY 2024

On June 28, bears outpaced bulls for the first time in five sessions, but market breadth remained positive. The Nifty 50 declined by 34 points to close at 24,011 due to profit-taking, though it rallied 2.2% for the week.

For the week, both the BSE Sensex and Nifty 50 index rose by 2%, while for June 2024, they surged by 6.5%. The BSE Sensex and Nifty 50 reached new record highs of 79,671.58 and 24,174, respectively. The Nifty Midcap 100 index also hit a fresh high of 55,927.60 intraday.

The Nifty Put-Call ratio (PCR), reflecting market sentiment, dropped to 1.17 on June 28 from 1.49 the previous session.

Nifty Future Overview

Nifty erased all intraday gains from the higher levels and formed a reversal doji candle in the last trading session, indicating a downside reversal in upcoming sessions. Now we will expect a sell on rise move for the upcoming sessions.

Now Nifty has major support around 24100 and upside resistance around 24250. Break and sustain above 24250 could propel Nifty towards levels of 24330-24400.

Conversely, a downturn below 24100 may trigger a decline to 24000-23900 levels. Sell on rise around resistance will be a crucial strategy for the traders.

Trading Strategy for Nifty Futures 

Traders are advised to Sell Nifty Futures around 24200, with a stop loss set above 24300 for potential targets up to 24080—24000 levels.

Bank Nifty Overview    

Bank Nifty closed in the red down 490 points or 0.93% at 52,320.40. On the daily chart, Bank Nifty showed initial signs of bearish reversal and we will expect a sharp profit booking in upcoming sessions.

Now Bank Nifty Futures has a near support range around 52400 and resistance at 52900, sustained movement beyond 52900 could lead Bank Nifty towards 53200-53400 levels.

Conversely, a breach below 52400 may drive it down to 52100-51800 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Sell Bank Nifty Future around 52800 with a stop loss above 53100 for the downside movement till 52400—52200 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

GMRINFRA (01/07/2024)

Sell GMR Infra below 96 for the downside move till 94 and then to 93 levels in the coming days. Stop loss below 98.           

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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