Gift Nifty Indicates Positive Start Amid Supportive Inflation Numbers...

EQUITY BULLETIN FOR 13 JUNE 2024

Indian benchmark indices ended higher on June 12, with the Nifty closing above 23,300. The Sensex rose by 149.98 points, or 0.20%, to 76,606.57, and the Nifty increased by 58.20 points, or 0.25%, to 23,323. About 2,284 shares advanced, 1,159 shares declined, and 74 shares remained unchanged.

Top gainers on the Nifty included Coal India, Power Grid, SBI Life Insurance, Tech Mahindra, and Eicher Motors. Britannia, HUL, M&M, Titan Company, and Tata Consumer were the top losers. Sector-wise, except for FMCG and Realty, all other indices ended in the green, with telecom, media, capital goods, metal, oil & gas, and power each up by 1%.

Meanwhile, the S&P 500 and Nasdaq posted record closing highs for the third consecutive day on Wednesday after inflation data came in softer than expected, though they ended off the day's highs as the Federal Reserve projected only one interest rate cut this year.

Nifty Future Overview

Nifty again made a fresh life high but erased most of the gains in the final hour of the last trading session. Now we will expect another upside move amid supportive cues from global markets.

Now Nifty has major support around 23300 and upside resistance around 23450. Break and sustain above 23450 could propel Nifty towards levels of 23550-23600.

Conversely, a downturn below 23300 may trigger a decline to 23220-23150 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 23250, with a stop loss set above 23150 for potential targets up to 23350—23450 levels.

Bank Nifty Overview    

Bank Nifty again closed positively but slightly below the 50K mark. The overall trend is bullish and we will expect more upside in upcoming sessions.

Now Bank Nifty Futures has a near support range around 49700 and resistance at 50200, sustained movement beyond 50200 could lead Bank Nifty towards 50500-50600 levels.

Conversely, a breach below 49700 may drive it down to 49500-49300 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future above 50200 with a stop loss below 49900 for the upside movement till 50500—50800 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

HINDALCO (13/06/2024)

Buy Hindalco Future above 678 for the upside move till 690 and then to 700 levels in the coming days. Stop loss below 665.           

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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