Global Cues are Mixed But Indian Indices Still Look Solid...

EQUITY BULLETIN FOR 22 FEBRUARY 2024

Nifty Future Overview

As Expected, Profit booking from the higher levels in witnessed in the last trading session. Today we will expect a positive opening but be cautious at higher levels.

Now, Nifty Future formed a bearish engulfing candle on the higher levels and Nifty has near support around 22000 and upside near hurdle around 22175 levels. Break and sustain above 22175 will take it towards 22230-22260 levels.

On the other side, Nifty has near support around 22000 levels, break and sustain below 22000 will expect a downside fall till 21920-21850 levels. Buy on dips around support will be the best strategy for the traders.

Trading strategy

Traders can Sell Nifty Futures on rise around 22160 with a stop loss above 22250 levels for the downside movement till 22080— 22000 levels.

Bank Nifty Overview

Bank Nifty performed well but erased all intraday gains in the last trading session. We will expect both side movements in upcoming sessions. Bank Nifty's future has near support around 46800 and near resistance around 47250, breaks and sustains above 47250 will see an upside movement till 47400-47500 levels.

On the lower side, Bank Nifty has a near major support around 46800, a break and sustain below 46800 will see a downside fall to 46650-46500 levels. Any sharp dip around 46500 will be a good opportunity for the traders.

Trading Strategy

Buy Bank Nifty Future on dip around 46600 with a stop loss below 46300 for the upside movement till 47000—47200 levels in an intraday trading session.

Trade cautiously with levels only.

Stock Pick of the Day

AUROPHARMA (22/02/2024)

Buy Auropharma above 1045 for the upside move till 1070 and then to 1085 levels in the coming days. Stop loss below 1024.

*T&C Apply…