Market Rebound, Closing Higher on Gains in IT, Auto, and FMCG Stocks...

EQUITY BULLETIN FOR 02 JULY 2024

Indian benchmark indices recovered from previous session losses, closing higher on July 1, fueled by IT, auto, and FMCG sector gains. The Sensex rose by 443.46 points (0.56%) to 79,476.19, and the Nifty increased by 131.40 points (0.55%) to 24,142.

After a flat opening, the market gained momentum, with the Nifty approaching its record high of 24,174, supported by buying across most sectors, except for power, PSU banks, and realty.

Nifty Future Overview

Nifty again climbed towards fresh high and closed on a solid note in the last trading session, indicating further upside move in upcoming sessions. Now we will expect a fresh upside till 24400+ mark in the upcoming sessions.

Now Nifty has major support around 24100 and upside resistance around 24250. Break and sustain above 24250 could propel Nifty towards levels of 24330-24400.

Conversely, a downturn below 24100 may trigger a decline to 24000-23900 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 around 24200, with a stop loss set below 24100 for potential targets up to 24280—24350 levels.

Bank Nifty Overview    

Bank Nifty again reversed from the lower levels and ended on a bullish note in the last trading session. On the daily chart, Bank Nifty formed another bullish candle, indicating further upside in upcoming sessions.

Now Bank Nifty Futures has a near support range around 52500 and resistance at 52900, sustained movement beyond 52900 could lead Bank Nifty towards 53200-53500 levels.

Conversely, a breach below 52500 may drive it down to 52300-52100 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future around 52500 with a stop loss below 52200 for the upside movement till 52800—53100 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

ADANIENT (02/07/2024)

Buy Adanient Futures above 3235 for the upside move till 3280 and then to 3320 levels in the coming days. Stop loss below 3188.           

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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