Flat Opening Will Expect Amid Mixed Global Sentiments...

EQUITY BULLETIN FOR 13 MAY 2024

Nifty Future Overview

Nifty witnessed a short covering session and formed a small green candle on the daily chart. Now Nifty is moving in a weak zone and we will expect further downside move in upcoming sessions. Traders can trade with levels only for fruitful returns.

Now Nifty has major support around 22050 and upside resistance around 22200. Break and sustain above 22200 could propel Nifty towards levels of 22280-22350.

Conversely, a downturn below 22050 may trigger a sharp decline to 21950-21880 levels. Sell on rise around resistance will be good entry for the traders.

Trading Strategy for Nifty Futures 

Traders are advised to consider selling Nifty Futures around 22200 mark, with a stop loss set above 22300 for potential targets up to 22100—22050 levels.

Bank Nifty Overview    

Bank Nifty breached all the near support and closed on a weak note on the daily chart. Now, we expect more downside move in upcoming sessions.

Now Bank Nifty Futures has near support range around 47400 and resistance at 47800, sustained movement beyond 47800 could lead Bank Nifty towards 48000-48100 levels.

Conversely, a breach below 47400 may drive it down to 47100-47200 levels.

Trading Strategy

Sell Bank Nifty Future on rise around 47700 with a stop loss above 48000 for the downside movement till 47400—47200 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

TATA MOTORS (13/05/2024)

Buy Tata Motors above 1070 for the upside move till 1100 and then to 1140 levels in the coming days. Stop loss below 1045.           

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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