Market Holds the Crucial Support Zone...

EQUITY BULLETIN FOR 29 JANUARY 2024

Indian Indices witnessed a bearish move but shows some positive signs in the final hour in the last trading session. More volatility will expect in upcoming sessions till the Budget.

Nifty Overview

Nifty Futures is moving above the crucial support zone and waiting for the fresh move.

Now, Nifty Future has near support around 21400 and upside near hurdle around 21550 levels. Break and sustain above 21550 will take it towards 21620-21680 levels.

On the other side, Nifty has near support around 21400 levels, break and sustain below 21400 will expect a downside fall till 21330-21280 levels.

Trading strategy

Traders can Buy Nifty Futures above 21550 with a stop loss below 21450 levels for the upside movement till 21630— 21680 levels.

Bank Nifty Overview

Bank Nifty too shows some positive signs in the late hours and given a breakout of downward sloping trendline on the hourly chart. Bank Nifty has next support around 44900 and near resistance around 45500, breaks and sustains above 45500 will see an upside movement till 45700-45850 levels.

On the lower side, Bank Nifty has a next support range around 44900, a break and sustain below 44900 will see a fresh downfall fall till 44700-44500 levels.

Trading Strategy

Buy Bank Nifty Future above 45300 with a stop loss below 44900 for the upside movement till 45700—45800 levels in an intraday trading session.

Stock Pick of the day

TATA STEEL (29/01/2024)

Buy Tata Steel Futures above 136 for the upside move till 139 and then to 142 levels in the coming days. Stop loss below 133.

*T&C Apply…