Both Side Volatility Will Expect on Monthly Expiry...

EQUITY BULLETIN FOR 30 MAY 2024

Nifty Future Overview

A sharp decline was observed in the Nifty and settled on the negative note in the last trading session. On the daily chart, Nifty almost corrected well and moving towards near support, indicating bullish reversal in upcoming sessions.

Now Nifty has major support around 22650 and upside resistance around 22800. Break and sustain above 22800 could propel Nifty towards levels of 22900-22950.

Conversely, a downturn below 22650 may trigger a sharp decline to 22580-22500 levels. Buy on any sharp dip will be a buying opportunity for the upcoming sessions.

Trading Strategy for Nifty Futures 

Traders are advised to consider buying Nifty Futures around 22650, with a stop loss set below 22540 for potential targets up to 22780—22850 levels.

Bank Nifty Overview    

A sharp correction was noticed in Bank Nifty below the support level in the last trading session. Now we will expect sharp bounce from the lower levels in upcoming sessions and buying on dips strategy will be the best trading opportunity for the traders.

Now Bank Nifty Futures has a near support range around 47800 and resistance at 48200, sustained movement beyond 48200 could lead Bank Nifty towards 48500-48700 levels.

Conversely, a breach below 47800 may drive it down to 47600-47500 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future around 47900 with a stop loss below 47600 for the upside movement till 48200—48400 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

ZEEL (30/05/2024)

Buy ZEEL JUNE Futures above 156 for the upside move till 162 and then to 165 levels in the coming days. Stop loss below 152.           

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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