Gap-Up Opening Will Expect Amid Strong Cues From Global and Domestic Markets...

EQUITY BULLETIN FOR 08 FEBRUARY 2024

Nifty Future Overview

Nifty moved in a range ahead of RBI policy and closed on a flat note in the last trading session. We will expect a Gap-up opening and further upside toward fresh life highs in upcoming sessions.

Now, Nifty Future has near support around 21900 and upside near hurdle around 22050 levels. Break and sustain above 22050 will take it towards 22150-22200 levels.

On the other side, Nifty has near support around 21900 levels, break and sustain below 21900 will expect a downside fall till 21840-21750 levels.

Trading strategy

Traders can Buy Nifty Futures above 22050 with a stop loss below 21950 levels for the downside movement till 22150— 22200 levels.

Bank Nifty Overview

PSU Banks powers Bank Nifty and managed to close above the 46K mark in the last trading session. Bank Nifty has next support around 45900 and near resistance around 46300, breaks and sustains above 46300 will see an upside movement till 46500-46700 levels.

On the lower side, Bank Nifty has a next support around 45900, a break and sustain below 45900 will see a downside fall till 45700-45500 levels.

Trading Strategy

Buy Bank Nifty Future on dip above 46200 with a stop loss below 45900 for the upside movement till 46450—46600 levels in an intraday trading session.

Trade cautiously with levels only.

Stock Pick of the Day

IDFCFIRST BANK (08/02/2024)

Buy IDFCFIRST Bank's future above 84.20 for the upside move till 85.50 and then to 87 levels in the coming days. Stop loss below 83.

*T&C Apply…