Markets Marginally Down Despite Strong Recovery Post-Budget...

EQUITY BULLETIN FOR 24 JULY 2024

The market closed slightly in the red after a significant recovery of over 1,200 points on the BSE Sensex and 400 points on the Nifty 50. The largely expected Union Budget impacted capital gains tax. We expect the Nifty 50 to resume its upward trend toward 24,850, provided it holds the 24,300-24,200 levels.

The Nifty Put-Call ratio (PCR) dropped to 0.87 from 1.02 on July 23, indicating a more positive market mood. Volatility eased significantly after the Union Budget, erasing most of the month’s gains. The India VIX, the fear index, fell 17.43 percent to 12.75 from 15.44.

Nifty Future Overview

Nifty futures ended on a weak note after the budget speech and huge volatility was noticed in the last trading session. Today we will expect an another volatile session.

Now Nifty has major support around 24320 and upside resistance around 24550. Break and sustain above 24550 could propel Nifty towards levels of 24660-24740.

Conversely, a downturn below 24320 may trigger a decline to 24220-24150 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 24320, with a stop loss set below 24180 for potential targets up to 24450—24550 levels.

Bank Nifty Overview    

Bank Nifty slipped from the higher levels and ended on a bearish note in the last trading session. Now Bank Nifty Futures has a near support around 51550 and resistance at 52150, sustained movement beyond 52150 could lead Bank Nifty towards 52300-52500 levels.

Conversely, a breach below 51550 may drive it down to 51300-51100 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future again around 51450 with a stop loss below 51100 for the upside movement till 51800—52000 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

Adani Port (24/07/2024)

Buy Adani Ports Futures on dip around 1492 for the upside move till 1520 and then to 1545 levels in the coming days. Stop loss below 1460.           

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.