Flat to Negative Opening Will Expect for the Day...

EQUITY BULLETIN FOR 20 FEBRUARY 2024

Nifty Future Overview

As expected Nifty made a fresh lifetime high and gave the highest closing ever in the last trading session. Now we will expect more upside towards 22500 levels in upcoming sessions.

Now, Nifty Future has near support around 22140 and upside near hurdle around 22250 levels. Break and sustain above 22250 will take it towards 22300-22340 levels.

On the other side, Nifty has near support around 22140 levels, break and sustain below 22140 will expect a downside fall till 22080-22020 levels. Buy on dips around support will be the best strategy for the traders.

Trading strategy

Traders can Sell Nifty Futures below 22140 with a stop loss above 22230 levels for the downside movement till 22080— 22220 levels.

Bank Nifty Overview

Bank Nifty was unable to breach its near resistance of 46900 and closed below the same in the last trading session. If it breaks the resistance then we will expect fresh bull run in upcoming sessions. Bank Nifty future has near support around 46500 and near resistance around 46900, breaks and sustains above 46900 will see an upside movement till 47200-47400 levels.

On the lower side, Bank Nifty has a near major support around 46500, a break and sustain below 46500 will see a downside fall to 46350-46200 levels. Any sharp dip will be a good opportunity for the traders.

Trading Strategy

Buy Bank Nifty Future on dip around 46350 with a stop loss below 46000 for the upside movement till 46700—46900 levels in an intraday trading session.

Trade cautiously with levels only.

Stock Pick of the Day

ITC (20/02/2024)

Buy ITC Futures on dip 408 for the upside move till 417 and then to 422 levels in the coming days. Stop loss above 398.

*T&C Apply…