Landslide Victory in Exit Polls Take Nifty to Record High...

EQUITY BULLETIN FOR 03 JUNE 2024

All eyes will be on the benchmark indices, particularly the 50-share Nifty, when the market opens on Monday – the first trading session following exit polls predicting a BJP sweep. Gift Nifty indicates an 800++ points jump in a single day seems highly probable.

Market experts suggest that multiple factors are indicating a significant upside on Monday. The optimistic exit polls come alongside strong GDP numbers and a recent build-up of short positions by foreign investors, which, given the current sentiment, will need to be quickly covered.

Nifty Future Overview

Nifty Future expected to open with a huge gap of 800 points. Now Nifty has major support around 23000 and upside resistance around 22500. Any sharp dip around support zone will be a good entry for the traders.

There are high chances that Nifty could breach the 23,000-mark, such sudden spurts are often followed by another 2-3 percent spillover and that could take the Nifty to 23700-23800 levels during the week

Trading Strategy for Nifty Futures 

Traders are advised to consider buying Nifty Futures around 23100, with a stop loss set below 22800 for potential targets up to 23400—23600 levels.

Bank Nifty Overview    

A sharp upside will expected in Bank Nifty and we will expect it to break 50K level in today's trading session.

Now Bank Nifty Futures has a near support range around 49000 and resistance at 50500, sustained movement beyond 50500 could lead Bank Nifty towards 51200-51500 levels.

Conversely, a breach below 49000 may drive it down to 48500-48200 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future above 50000 with a stop loss below 49500 for the upside movement till 50600—51000 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

SBIN (03/06/2024)

Buy SBIN Futures above 855 for the upside move till 890 and then to 920 levels in the coming days. Stop loss below 830.           

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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