Indices Close Lower, Nifty Drops Below 24,350...

EQUITY BULLETIN FOR 11 JULY 2024

On July 10, Indian benchmark indices reversed gains from the previous session, closing lower with the Nifty falling below the 24,350 mark. The Sensex dropped 426.87 points, or 0.53%, to settle at 79,924.77, while the Nifty declined by 108.70 points, or 0.44%, closing at 24,324.50. Market breadth was negative with 1,116 shares advancing, 2,311 shares declining, and 59 shares remaining unchanged.

Sectoral performance was mixed, with declines in the auto, banking, capital goods, IT, telecom, media, and metal sectors ranging from 0.4% to 2%. Conversely, FMCG, healthcare, power, and oil & gas sectors provided some support by staying in the green.

The broader market indices mirrored the bearish sentiment, with the BSE midcap index down by 0.2% and the smallcap index shedding 0.7%, indicating selling pressure across different market segments.

Nifty Future Overview

Nifty dragged sharply below the near support level but recovered well in the final hour in the last trading session, indicating upside movement in 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 24160-24100 levels. Sell on rise around resistance will be a crucial strategy for the traders.

Trading Strategy for Nifty Futures 

Traders are advised to Sell Nifty Futures around 24400, with a stop loss set above 24520 for potential targets up to 24300—24220 levels.

Bank Nifty Overview    

Bank Nifty again closed lower and ended near the crucial support in the last trading session. Now Bank Nifty Futures has a near support around 52150 and resistance at 52450, sustained movement beyond 52450 could lead Bank Nifty towards 52700-52900 levels.

Conversely, a breach below 52150 may drive it down to 51900-51600 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Sell Bank Nifty Future below 52150 with a stop loss above 52500 for the downside movement till 51800—51600 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

BPCL (11/07/2024)

Buy BPCL Futures above 304 for the upside move till 310 and then to 314 levels in the coming days. Stop loss above 297.           

Stay tuned for further insights and updates from Millennial Investor Services - Your Trusted Stock Market Advisory Partner.  

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