Market Witnessed a Bearish Move Amid Global Weakness...

EQUITY BULLETIN FOR 04 JANUARY 2024

Nifty Futures

Nifty Futures witnessed a sharp fall and formed a bearish candle in the last trading session. Nifty is moving above the upward sloping trendline which indicates a sharp bounce on the daily chart.

Now, Nifty Futures has near support around 21480 and upside near hurdle around 21700 levels. Break and sustain above 21700 will take it towards 21780-21800 levels and further upside move will expect on close above 21800 levels in the upcoming trading sessions.

On the other side, Nifty has major support around 21480 levels, break and sustain below 21480 will expect a downside fall till 21420-21350 levels.

Trading strategy

 Traders can Buy Nifty Future on dip around 21530 with a stop loss below 21450 levels for the upside movement till 21640— 21700 levels.

Bank Nifty Futures

Bank Nifty shows some strength and manages to hold its ground in the last trading session. Bank Nifty has next support around 47800 and near resistance around 48100, breaks and sustains above 48100 will see an upside movement till 48300-48450 levels.

On the lower side, Bank Nifty has a next support around 47800, a break and sustain below 47800 will see a fresh downfall fall till 47500 levels.

Trading Strategy

Traders can Buy Bank Nifty above 48100 with a stop loss below 47800 for the upside movement till 48350—48500 levels in an intraday trading session.

Stock Pick of the day

VEDL (04/01/2024)

Buy VEDL Future around 264 for the upside move till 270 and then to 274 levels in the coming days. Stop loss below 258.

*T&C Apply…