Market Likely to Open Flat, Nifty Eyes on 24K Mark...

EQUITY BULLETIN FOR 26 JUNE 2024

The Sensex and Nifty are anticipated to open flat, with the GIFT Nifty slightly in the red. As of 07:00 am IST, Nifty futures were trading at 23,706.50.

On June 25, India’s Sensex and Nifty indices reached new record highs, buoyed by gains in the banking and IT sectors. This surge followed the Reserve Bank of India’s announcement of a current account surplus of $5.7 billion, or 0.6% of GDP, for Q4 of the fiscal year 2023-24. By market close, the Sensex had gained 712 points, or 0.92%, to 78,053.52, while the Nifty rose by 183.45 points, or 0.78%, to 23,721.30.

In broader Asian markets, most indices posted gains as investors awaited Australia’s May inflation data and Singapore’s May manufacturing output figures. Globally, stock indexes advanced on Tuesday, with Nvidia shares rebounding after a three-day decline and the US dollar strengthening slightly against the Japanese yen.

Nifty Future Overview

Nifty again skyrocketed and made a fresh all-time high in the last trading session, indicating further upside in upcoming sessions. Now Nifty Eyes on 24K mark amid supportive cues from global markets.

Now Nifty has major support around 23600 and upside resistance around 23750. Break and sustain above 23750 could propel Nifty towards levels of 23800-23840.

Conversely, a downturn below 23600 may trigger a decline to 23500 levels. Buy on any sharp dip will be a buying opportunity for the upcoming sessions.

Trading Strategy for Nifty Futures 

Traders are advised to consider buy Nifty Futures around 23650, with a stop loss set below 23550 for potential targets up to 23740—23800 levels.

Bank Nifty Overview    

Mind-blowing rally witnessed in Bank Nifty and ended at record high in the last trading session. Now we will expect a more upside in upcoming sessions.

Now Bank Nifty Futures has a near support range around 52300 and resistance at 52800, sustained movement beyond 52800 could lead Bank Nifty towards 53000-53200 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 52400 with a stop loss below 52200 for the upside movement till 52700—53000 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

ADANI PORTS (26/06/2024)

Buy Adani Ports Future above 1470 for the upside move till 1510 and then to 1540 levels in the coming days. Stop loss below 1430.           

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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