Flat to Positive Start Will Expect For the Week...

EQUITY BULLETIN FOR 21 MAY 2024

Nifty Future Overview

Nifty continued its bull run and again closed on a positive note in the last trading session. On the weekly chart, Nifty formed a bullish reversal candle, indicating bullish momentum in upcoming sessions.

Now Nifty has major support around 22400 and upside resistance around 22550. Break and sustain above 22550 could propel Nifty towards levels of 22620-22700.

Conversely, a downturn below 22400 may trigger a sharp decline to 22300-22250 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 22450, with a stop loss set below 22350 for potential targets up to 22580—22650 levels.

Bank Nifty Overview    

On the weekly chart, Bank Nifty took support from the lower band of the rising channel pattern and formed a bullish reversal candle. Now we will expect Bank Nifty to lead the bull run in upcoming sessions.

Now Bank Nifty Futures has a near support range around 47900 and resistance at 48300, sustained movement beyond 48300 could lead Bank Nifty towards 48500-48700 levels.

Conversely, a breach below 47900 may drive it down to 47800-47600 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future above 48300 with a stop loss below 47900 for the upside movement till 48600—48800 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

COAL INDIA (21/05/2024)

Buy Coal India above 476 for the upside move till 483 and then to 488 levels in the coming days. Stop loss below 468.           

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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