Market Hits Fresh All-Time High, Signals Strong Bullish Momentum

Equity Bulletin: Potential Opportunities for 04 July 2023 Nifty Futures Achieves Fresh All-Time High, Indicates Bullish Momentum

Nifty Futures displayed an impressive surge and closed at a new record high in the previous trading session. Presently, Nifty finds support around the 19300 level, while facing an upside resistance barrier near 19450. A breakthrough above 19450 is likely to lead to further upward movement, targeting levels of 19500-19550 in the upcoming trading session. Traders can seize buying opportunities on dips around the initial support of 19300.

Conversely, Nifty has initial support around the 19300 level, and a break and close below this level may prompt short-term profit booking, potentially reaching levels of 19180-19120.

Trading Strategy

Risk-inclined traders can consider selling Nifty Futures around 19480, placing a stop loss above 19550, targeting a downside movement till levels of 19390-19320.

Bank Nifty Futures

Bank Nifty maintains a bullish trend, but profit booking may occur at higher levels. The resistance for Bank Nifty resides near 45500, and a breakout with an hourly close above this level may trigger further upward movement towards 45650-45750 levels.

On the downside, Bank Nifty finds near-term support around 45200, and a break and sustained movement below this level could result in a sharp correction towards 45000-44900 levels.

Trading Strategy

Traders can consider buying Bank Nifty Futures on dips around 45100, with a stop loss below 44800, aiming for an upside movement till levels of 45350-45500 during the intraday trading session.

Stock Pick of the Day: RADICO

Buying opportunities emerge for RADICO around 1260-1250, targeting an upside move towards 1300 and subsequently 1330 levels in the coming days. Place a stop loss below 1205 to manage risk.

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