Market Signals Negative Start Amid Weak Sentiments From Global Markets...

EQUITY BULLETIN FOR 10 JUNE 2024

Indian benchmark indices extended their winning streak for a third straight session on June 7, with the Nifty 50 closing around the 23,300 mark. The Sensex jumped 1,618.85 points, or 2.16%, to settle at 76,693.36, while the Nifty gained 468.80 points, or 2.05%, to close at 23,290.20. The market saw 2,598 shares advance, 801 shares decline, and 76 shares remain unchanged.

The Nifty 50 formed a strong bullish candlestick pattern on the daily charts, characterized by higher highs and higher lows, and above-average volumes. Momentum oscillators RSI and MACD showed a positive crossover on the daily charts.

Volatility significantly decreased after peaking at a two-year high, dropping from 31.71 on June 4 to 16.88 on June 7 following the conclusion of the general elections, giving bulls a favorable position. India VIX, the fear index, edged up by 0.49% on Friday to 16.88.

Nifty Future Overview

A sharp rise was observed in the Nifty and settled on the bullish note in the last trading session. On the daily chart, Nifty almost recovered all losses and heading towards fresh highs, indicating bullish reversal in upcoming sessions.

Now Nifty has major support around 23200 and upside resistance around 23400. Break and sustain above 23400 could propel Nifty towards levels of 23500-23650.

Conversely, a downturn below 23200 may trigger a decline to 23100-23050 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 buying Nifty Futures around 23200, with a stop loss set below 23000 for potential targets up to 23350—23500 levels.

Bank Nifty Overview    

A sharp recovery was noticed in the past few trading sessions and we will expect another sharp bounce from the current levels in upcoming sessions and buying on dips strategy will be the best trading opportunity for the traders.

Now Bank Nifty Futures has a near support range around 49500 and resistance at 50200, sustained movement beyond 50200 could lead Bank Nifty towards 50500-50800 levels.

Conversely, a breach below 49500 may drive it down to 49200-49000 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future around 49600 with a stop loss below 49200 for the upside movement till 50000—50300 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 (10/06/2024)

Buy ADANIENT Futures above 3250 for the upside move till 3300 and then to 3340 levels in the coming days. Stop loss below 3200.           

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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