Indices Closed in Red Amid Volatility; Nifty Below 23,250...

EQUITY BULLETIN FOR 11 JUNE 2024

Indian equity indices ended the day in red after a highly volatile session on June 10. The Nifty 50 closed below the 23,250 level, with the Sensex falling 203.28 points, or 0.27%, to 76,490.08, and the Nifty declining 31 points, or 0.13%, to 23,259.20. Advancing stocks numbered 2,381, while 1,176 declined, and 91 remained unchanged.

Tech Mahindra, Infosys, Wipro, M&M, and LTIMindtree were top losers on the Nifty. Gainers included UltraTech Cement, Grasim Industries, Hero MotoCorp, Cipla, and Power Grid Corp.

Market participants may now exercise caution ahead of the two-day US Federal Reserve policy meeting starting on Tuesday.

Nifty Future Overview

After a fresh life high, Nifty erased all intraday gains and ended in the red in the last trading session. Nifty formed a bearish reversal candle on the daily chart, indicating bearish reversal in upcoming sessions.

Now Nifty has major support around 23170 and upside resistance around 23350. Break and sustain above 23350 could propel Nifty towards levels of 23420-23500.

Conversely, a downturn below 23170 may trigger a decline to 23100-23050 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 selling Nifty Futures below 23170, with a stop loss set above 23300 for potential targets up to 23050—23000 levels.

Bank Nifty Overview    

A sharp fall was noticed from the day's high in the last trading session and we will expect another profit booking session in upcoming sessions.

Now Bank Nifty Futures has a near support range around 49480 and resistance at 50050, sustained movement beyond 50050 could lead Bank Nifty towards 50300-50500 levels.

Conversely, a breach below 49480 may drive it down to 49200-49000 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future around 49500 with a stop loss below 49200 for the upside movement till 50000—50300 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

BHEL (11/06/2024)

Sell BHEL Futures below 282 for the downside move till 276 and then to 270 levels in the coming days. Stop loss below 288.           

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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