Market still looks bearish for the upcoming sessions...

EQUITY BULLETIN FOR 11 MAY 2022

Nifty Futures

Nifty again erased all intraday gains in the last trading session. Now Nifty has resistance around 16400 if it breaks and sustains above 16400 will see an upside rally till 16500 — 16550 levels in an intraday session.

On the other side, the Nifty has major support around 16150, a break and close below 16150 will see a downside fall till 16050 — 16000 levels in an intraday session.

Trading strategy

Traders can buy Nifty Future on dips around 16050 with a stop loss below 15900 levels for the upside movement till 16230 — 16300 levels in an intraday session.

Bank Nifty Futures

Bank Nifty has given a slightly positive move in the last trading session. Bank Nifty has resistance around 34800, breaks and sustains above 34800 will see an upside movement till 35000 levels in an intraday session.

Otherwise, major support around 34200, breaks below 34200 will see a fresh downside fall till 33800-34000 levels in an upcoming session.

Trading Strategy

Traders can sell Banknifty Future below 34200 with a stop loss above 34500 for the downside movement till 34000—33800 levels in an intraday trading session.

Stock Pick of the day

M&MFIN

Sell M&MFIN around 175 for the downside move till 170 and then to 166 levels in the coming days. Stop-loss above 179.

*T&C Apply…