Indian Indices Close Slightly Higher Amid Volatile Session...

EQUITY BULLETIN FOR 05 JULY 2024

Indian benchmark indices ended marginally higher on July 4 in a volatile trading session. The Sensex increased by 62.87 points (0.08%) to 80,049.67, while the Nifty rose by 15.70 points (0.06%) to 24,302.20.

Top performers on the Nifty were HCL Technologies, ICICI Bank, Sun Pharma, Infosys, and Tata Motors. In contrast, HDFC Bank, Bajaj Finance, Wipro, Tech Mahindra, and Adani Enterprises were the top losers.

Sector-wise, Information Technology and Healthcare indices each gained 1%, with Auto and Realty sectors rising by 0.5%. The Media index declined by 0.4%. Additionally, the BSE midcap and smallcap indices saw gains of 0.6% each.

Nifty Future Overview

Nifty again performed well and closed on a bullish note in the last trading session, indicating further upside in upcoming sessions. Now we expect both side move in the upcoming sessions.

Now Nifty has major support around 24250 and upside resistance around 24420. Break and sustain above 24420 could propel Nifty towards levels of 24500-24540.

Conversely, a downturn below 24250 may trigger a decline to 24170-24100 levels. Sell on rise around resistance will be a crucial strategy for the traders.

Trading Strategy for Nifty Futures 

Traders are advised to Buy Nifty Futures on dip around 24250, with a stop loss set below 24150 for potential targets up to 24330—24400 levels.

Bank Nifty Overview    

Bank Nifty again closed higher and ended near the major resistance in the last trading session. Now Bank Nifty Futures has a near support range around 52800 and resistance at 53300, sustained movement beyond 53300 could lead Bank Nifty towards 53500-53700 levels.

Conversely, a breach below 52800 may drive it down to 52260-52500 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future around 52900 with a stop loss below 52600 for the upside movement till 53200—53500 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

HINDPETRO (05/07/2024)

Buy Hindpetro Futures above 333 for the upside move till 340 and then to 344 levels in the coming days. Stop loss below 328.           

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.