Bulls Regain Grip! Nifty Rebounds, Bank Nifty Signals Turnaround

Daily Equity Bulletin

Markets staged a sharp intraday reversal on the back of strong buying interest in heavyweights and positive cues from European markets. Nifty bounced from key support and closed on a bullish note, while Bank Nifty showed early signs of reversal, forming a bullish candle near its crucial support zone.

Equity benchmarks started the session with a positive bias, supported by improved global sentiment and easing trade war concerns. Traders will closely watch today’s US Manufacturing PMI, Fed’s comments, and India’s Auto Sales data, all of which could influence the market direction and sectoral movement. Volatility may stay high as we enter a new month with fresh F&O positions.

🔹 Nifty 50 Overview:

Nifty bounced back strongly and closed near the day’s high, suggesting a short-term bottom may be in place. Now, immediate support lies at 24,640, and as long as this holds, the index can rally towards 24,800, 24,880, and eventually 24,950.

Any weakness will resume only below 24,640, which may trigger a drop to 24,500–24,400. Intraday traders should follow the breakout levels closely.

📌 Trading Strategy:

🟢 Buy on dips around 24,680

🎯 Target: 24,770 – 24,850

🚫 Stop Loss: Below 24,640

🔹 Bank Nifty Overview:

Bank Nifty ended flat but formed a bullish reversal candle near its key support zone, indicating buyers are stepping in. Now, support lies at 55,400, and a move above 55,750 could open the gates for 56,000 and 56,200 levels in the coming sessions.

Momentum is building slowly, and any upside in banking heavyweights could fuel the next rally.

📌 Trading Strategy:

🟢 Buy near 55,450

🎯 Target: 55,700 – 55,900

🚫 Stop Loss: Below 55,300

🌟 Top Pick for the Day – CANBK (Futures)

📈 Buy around ₹107

🔻 Stop Loss: ₹104.70

🎯 Target: ₹109.80 – ₹112