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EQUITY BULLETIN FOR 16 AUGUST 2024

On August 14, the market ended a volatile session with the Nifty 50 rising 5 points to 24,144, while the Bank Nifty dropped 105 points to 49,727. Despite the choppy trading, the Nifty managed to hold above the 24,100 mark.

The Nifty Put-Call ratio (PCR), reflecting market sentiment, surged to 1.14 from 0.78 in the previous session. Volatility eased after a recent uptrend, but with the India VIX still above the 15 mark at 15.44, bulls may remain cautious. The fear index fell by 4.53% from 16.17 levels..

Nifty Future Overview

Nifty Futures ended in a narrow range in the last trading session. Now Nifty futures looks good on the chart as we will expect a sharp short covering for the day.

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 levels. Sell on rise around resistance will be a fruitful strategy for the traders.

Trading Strategy for Nifty Futures 

Traders are advised to Buy Nifty Futures above 24200, with a stop loss set below 24100 for potential targets up to 24300—24350 levels.

Bank Nifty Overview    

After a weak trading session, Bank Nifty ended near the support line in the last trading session. Now Bank Nifty Futures has a near support around 49800 and resistance at 50300, sustained movement beyond 50300 could lead Bank Nifty towards 50500-50700 levels.

Conversely, a breach below 49800 may drive it down to 49500-49300 levels. Any sharp decline around 49300 level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future above 50300 with a stop loss below 50000 for the upside movement till 50550—50700 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

NAUKRI (16/08/2024)

Buy NAUKRI Futures above 7320 for the upside move till 7450 and then to 7550 levels in the coming days. Stop loss below 7200.           

Stay tuned for further insights and updates from Millennial Investor Services - Your Trusted Stock Market Advisory Partner.