Market Rise for Third Session; Sensex and Nifty at Record Highs...

EQUITY BULLETIN FOR 14 JUNE 2024

Indian market ended higher for the third consecutive session on June 13. The Sensex rose by 204.33 points, or 0.27%, to close at 76,810.90, while the Nifty gained 75.90 points, or 0.33%, to finish at 23,398.90. The market saw 2,048 shares advance, 1,371 shares decline, and 80 shares remain unchanged.

Top gainers on the Nifty included Shriram Finance, HDFC Life, Divis Labs, M&M, and Titan Company. The major losers were HUL, Power Grid Corp, Axis Bank, Britannia Industries, and Eicher Motors.

This rally followed the US Federal Reserve's decision to keep interest rates unchanged at 5.25-5.5 percent for the seventh consecutive meeting, while inflation eased slightly to 3.3 percent in May. In India, the consumer price index (CPI) inflation moderated slightly to 4.75 percent in May from 4.8 percent in April. The VIX, or volatility index, also fell over 5 percent to 13.6.

Nifty Future Overview

Nifty continuously trades higher and again made a record high in the last trading session. Now we will expect another upside move amid supportive cues from global markets.

Now Nifty has major support around 23350 and upside resistance around 23480. Break and sustain above 23480 could propel Nifty towards levels of 23550-23600.

Conversely, a downturn below 23350 may trigger a decline to 23260-23150 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 selling Nifty Futures below 23350, with a stop loss set above 23450 for potential targets up to 23250—23180 levels.

Bank Nifty Overview    

Bank Nifty closed on a flat note and made a bearish candle in the last trading session. Now we will expect a solid move on the upside if it breaks the resistance in upcoming sessions.

Now Bank Nifty Futures has a near support range around 49800 and resistance at 50200, sustained movement beyond 50200 could lead Bank Nifty towards 50500-50600 levels.

Conversely, a breach below 49800 may drive it down to 49500-49300 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future above 50200 with a stop loss below 49900 for the upside movement till 50500—50800 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

INDHOTEL (14/06/2024)

Buy Indhotel Future above 594 for the upside move till 610 and then to 618 levels in the coming days. Stop loss below 580.           

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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