Indices Trades Higher as Positive Handover From US...

EQUITY BULLETIN FOR 15 MAY 2024

Nifty Future Overview

Nifty performed well and achieved our intraday targets successfully in the last trading session. Three back-to-back green closes support the buyer's view and indicate further buying in upcoming sessions.

Now Nifty has major support around 22200 and upside resistance around 22400. Break and sustain above 22400 could propel Nifty towards levels of 22450-22500.

Conversely, a downturn below 22200 may trigger a sharp decline to 22100-22050 levels. Risky traders can sell on rise around the resistance zone for intraday gains.

Trading Strategy for Nifty Futures 

Traders are advised to consider buying Nifty Futures around 22250, with a stop loss set below 22150 for potential targets up to 22360—22420 levels.

Bank Nifty Overview    

Bank Nifty again closed in the green and formed a green doji candle above the resistance zone, indicating bullish momentum in upcoming sessions. Now we will expect Bank Nifty to perform in upcoming sessions.

Now Bank Nifty Futures has a near support range around 47800 and resistance at 48150, sustained movement beyond 48150 could lead Bank Nifty towards 48300-48500 levels.

Conversely, a breach below 47800 may drive it down to 47600-47500 levels.

Trading Strategy

Buy Bank Nifty Future above 48150 with a stop loss below 47800 for the upside movement till 48500—48700 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

TATACOMM (15/05/2024)

Buy Tatacomm above 1785 for the upside move till 1820 and then to 1850 levels in the coming days. Stop loss below 1750.           

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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