Nifty Again Eyes on 22K Mark After Sharp Short Covering...

EQUITY BULLETIN FOR 15 FEBRUARY 2024

Nifty Future Overview

Nifty recovered all intraday losses and witnessed a sharp short covering in the final hour in the last trading session. Now we will expect it to test the 22K mark in upcoming sessions.

Now, Nifty Future has near support around 21800 and upside near hurdle around 21950 levels. Break and sustain above 21950 will take it towards 22020-22100 levels.

On the other side, Nifty has near support around 21800 levels, break and sustain below 21800 will expect a downside fall till 21700 levels. Buy on dips around support will be crucial support for the traders.

Trading strategy

Traders can Buy Nifty Futures around 21900 with a stop loss below 21800 levels for the upside movement till 22000— 22050 levels.

Bank Nifty Overview

Bank Nifty performed well and achieved our intraday targets in the last trading session. Bank Nifty has next support around 45800 and near resistance around 46300, breaks and sustains above 46300 will see an upside movement till 46500-46800 levels.

On the lower side, Bank Nifty has a next major support around 45800, a break and sustain below 45800 will see a downside fall till 45600-45500 levels. Any sharp dip will be a good opportunity for the traders.

Trading Strategy

Buy Bank Nifty Future around 46000 with a stop loss below 45700 for the upside movement till 46300—46500 levels in an intraday trading session.

Trade cautiously with levels only.

Stock Pick of the Day

FEDERAL BANK (15/02/2024)

Buy Federal Bank around 150 for the upside move till 153 and then to 155 levels in the coming days. Stop loss above 147.

*T&C Apply…