Further Downside Move Will Expect for the Day...

EQUITY BULLETIN FOR 06 FEBRUARY 2024

Nifty Future Overview

Nifty performed well as per expectations and achieved our downside targets successfully in the last trading session. Traders remains cautious at higher levels as sharp profit may expect from any rise.

Now, Nifty Future has near support around 21720 and upside near hurdle around 21920 levels. Break and sustain above 21920 will take it towards 22000-22050 levels.

On the other side, Nifty has near support around 21720 levels, break and sustain below 21720 will expect a downside fall till 21640-21600 levels.

Trading strategy

Traders can Sell Nifty Futures on rise around 21 860 with a stop loss above 21950 levels for the downside movement till 21780— 21720 levels.

Bank Nifty Overview

Bank Nifty too closed on a negative note in the last trading session. Bank Nifty may bounce anytime from the lower levels. Bank Nifty has next support around 45850 and near resistance around 46200, breaks and sustains above 46200 will see an upside movement till 46400-46600 levels.

On the lower side, Bank Nifty has a next support around 45850, a break and sustain below 45850 will see a downside fall till 45700-45500 levels.

Trading Strategy

Buy Bank Nifty Future on dip around 45550 with a stop loss below 45250 for the upside movement till 45900—46100 levels in an intraday trading session.

Stock Pick of the day

RECLTD (06/02/2024)

Sell RECLTD futures below 498 for the downside move till 492 and then to 488 levels in the coming days. Stop loss above 506.

*T&C Apply…