Indian Indices Moving Above the Crucial Support Zone...

EQUITY BULLETIN FOR 18 MARCH 2024

Nifty Future Overview

Nifty took the support from the crucial support zone and closed above the same in the last trading session. Now we expect more volatility in upcoming sessions.

Now, Nifty futures has near support around 22000 and an upside near hurdle around 22200 levels. Break and sustain above 22200 will take it towards 22280-22340 levels.

On the other side, Nifty has major support around 22000 levels, break and sustain below 22000 will expect a sharp downside fall till 21920-21850 levels. Sell on rise around resistance will be the best opportunity for the day traders.

Trading strategy

Traders can Sell Nifty Futures below 22000 with a stop loss above 22100 levels for the downside movement till 21920— 21850 levels.

Bank Nifty Overview

Bank Nifty is taking support from the rising trendline on the daily chart and moving above the same, indicating an upside reversal in upcoming sessions. Bank Nifty's future has near major around 46400 and near resistance around 47000, breaks and sustains above 47000 will see an upside movement till 47300-47400 levels.

On the lower side, Bank Nifty has a near major support around 46400, a break and sustain below 46400 will see a downside fall to 46200-46100 levels.

Trading Strategy

Sell Bank Nifty Future around 46900 with a stop loss above 47200 for the downside movement till 46600—46400 levels in an intraday trading session.

Trade cautiously with levels only.

Stock Pick of the Day

ICICI BANK (18/03/2024)

Buy ICICI BANK above 1090 for the upside move till 1115 and then to 1130 levels in the coming days. Stop loss below 1070.   ***T&C Apply...