Indices Entered in Oversold Zone...

EQUITY BULLETIN FOR 29 FEBRUARY 2024

Nifty Future Overview

Nifty slipped sharply and breached its near-support level in the last trading session. Now Nifty is moving in an oversold zone and we will expect a sharp bounce from the major support level.

Now, Nifty has near support around 21850 and an upside near hurdle around 22050 levels. Break and sustain above 22050 will take it towards 22140-22200 levels.

On the other side, Nifty has near support around 21850 levels, break and sustain below 21850 will expect a downside fall till 21800 levels. A fresh downside move will expect on a daily close below 21800 levels.

Trading strategy

Traders can Buy Nifty Futures on dip around 21850 with a stop loss below 21750 levels for the upside movement till 21980— 22050 levels.

Bank Nifty Overview

Bank Nifty too collapsed from the higher levels and closed on a weak note in the last trading session. We will expect a short covering from the major support zone. Bank Nifty's future has near major around 45650 and near resistance around 46200, breaks and sustains above 46200 will see an upside movement till 46400-46600 levels.

On the lower side, Bank Nifty has a near major support around 45600, a break and sustain below 45600 will see a downside fall to 45400-45300 levels. Any sharp dip around support will be a good opportunity for the traders.

Trading Strategy

Buy Bank Nifty Future on dip around 45650 with a stop loss below 46350 for the upside movement till 46950—46200 levels in an intraday trading session.

Trade cautiously with levels only.

Stock Pick of the Day

HIND COPPER (29/02/2024)

Sell Hind Copper Futures March below 254 for the downside move till 250 and then to 247 levels in the coming days. Stop loss above 258.

**T&C Apply...