Indices Secure Crucial Support Levels, Pointing to Upside Reversal...

EQUITY BULLETIN FOR 14 MAY 2024

Nifty Future Overview

Nifty bounced sharply from the day's low and recovered all the losses in the last trading session. Now Nifty took support from the horizontal trendline and formed a reversal candle on the lower levels, indicating further buying in upcoming sessions.

Now Nifty has major support around 22000 and upside resistance around 22250. Break and sustain above 22250 could propel Nifty towards levels of 22320-22380.

Conversely, a downturn below 22000 may trigger a sharp decline to 21950-21900 levels. Buy on dips and sell on rise will be the best strategy for upcoming sessions.

Trading Strategy for Nifty Futures 

Traders are advised to consider selling Nifty Futures around 22300 mark, with a stop loss set above 22400 for potential targets up to 22200—22150 levels.

Bank Nifty Overview    

Bank Nifty took support from the rising trendline and formed a positive reversal candle, indicating bullish momentum in upcoming sessions. Now Bank Nifty may lead the rally towards fresh highs in upcoming sessions.

Now Bank Nifty Futures has a near support range around 47600 and resistance at 48100, sustained movement beyond 48100 could lead Bank Nifty towards 48300-48500 levels.

Conversely, a breach below 47600 may drive it down to 47400-47300 levels.

Trading Strategy

Buy Bank Nifty Future on dip around 47800 with a stop loss below 47500 for the upside movement till 48100—48300 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

VEDANTA (14/05/2024)

Buy Vedanta above 420 for the upside move till 428 and then to 435 levels in the coming days. Stop loss below 414.           

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.

***T&C Apply...