Market Expected to Open on a Flat Note...

EQUITY BULLETIN FOR 09 JULY 2024

Indian benchmark Indices Sensex and Nifty 50 are expected to open flat on July 9, with GIFT Nifty trading at 24,388 as of 07:00 AM IST.

On July 8, Indian markets closed relatively unchanged from last week’s record highs. The Sensex dipped by 0.05% to 79,960.38 points, while the Nifty edged down by 0.01% to 24,320.55 points. The focus now shifts to the upcoming June quarter earnings reports, starting with Tata Consultancy Services (TCS) on July 11.

Asian markets are trading higher on Tuesday, following gains on Wall Street where the S&P 500 and Nasdaq Composite both reached new highs on Monday. The S&P 500 climbed by 0.10% to close at 5,572.85 points, marking its fourth consecutive record-high close. The Nasdaq gained 0.28% to 18,403.74 points, achieving its fifth straight record-high close. Conversely, the Dow Jones Industrial Average declined by 0.08% to 39,344.79 points.

Nifty Future Overview

Nifty trades in a narrow range and ended flat in the last trading session, indicating both side movement in upcoming sessions.

Now Nifty has major support around 24300 and upside resistance around 24420. Break and sustain above 24420 could propel Nifty towards levels of 24500-24540.

Conversely, a downturn below 24300 may trigger a decline to 24220-24150 levels. Sell on rise around resistance will be a crucial strategy for the traders.

Trading Strategy for Nifty Futures 

Traders are advised to Buy Nifty Futures on dip around 24250, with a stop loss set below 24150 for potential targets up to 24330—24400 levels.

Bank Nifty Overview    

Bank Nifty again closed lower and ended near the crucial support in the last trading session. Now Bank Nifty Futures has a near support around 52300 and resistance at 52800, sustained movement beyond 52800 could lead Bank Nifty towards 53100-53300 levels.

Conversely, a breach below 52300 may drive it down to 52000-51800 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future around 52300 with a stop loss below 52000 for the upside movement till 52500—52700 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

VEDL (09/07/2024)

Sell VEDL Futures below 467 for the downside move till 461 and then to 457 levels in the coming days. Stop loss above 475.           

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.