Nifty 50 Ends Flat, Global Cues Support Positive Momentum...

EQUITY BULLETIN FOR 20 AUGUST 2024

On August 19, the market opened with a 100-point gain on the Nifty 50 but remained in consolidation throughout the session, ultimately closing flat with a slight positive bias.

The Nifty Put-Call ratio (PCR), a measure of market sentiment, dropped to 1.17 from 1.31 in the previous session. Volatility continued to decline for the third straight session, staying below all key moving averages, which supports a bullish trend. The India VIX, the fear index, decreased by 0.61% to 14.32 from 14.4 levels.

Nifty Future Overview

Nifty Futures ended in a narrow range in the last trading session. Now Nifty futures still looks good on the chart as we will expect a sharp upside for the day.

Now Nifty has major support around 24500 and upside resistance around 24650. Break and sustain above 24650 could propel Nifty towards levels of 24730-24800.

Conversely, a downturn below 24500 may trigger a decline to 24400 levels. Buy on dips around support will be a fruitful strategy for the traders.

Trading Strategy for Nifty Futures 

Traders are advised to Buy Nifty Futures above 24650, with a stop loss set below 24500 for potential targets up to 24780—24850 levels.

Bank Nifty Overview    

After a weak trading session, Bank Nifty ended above the support zone in the last trading session. Now Bank Nifty Futures has a near support around 50200 and resistance at 50450, sustained movement beyond 50450 could lead Bank Nifty towards 50750-50900 levels.

Conversely, a breach below 50200 may drive it down to 50000-49800 levels. Any sharp decline around 50000 level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future above 50450 with a stop loss below 50100 for the upside movement till 50750—50900 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

IDEA (20/08/2024)

Buy IDEA Futures above 16.10 for the upside move till 16.90 and then to 17.50 levels in the coming days. Stop loss below 15.60.           

Stay tuned for further insights and updates from Millennial Investor Services - Your Trusted Stock Market Advisory Partner.