Nifty and Bank Nifty at Record highs...

EQUITY BULLETIN FOR 09 APRIL 2024

Nifty Future Overview

Nifty performed well from the past few trading sessions and closed at record high in the last trading session. Now we will expect another upside move in the upcoming session. Nifty futures still moving above the near support level of 22600, with near resistance at 22800. A breach and sustained movement above 22800 could propel Nifty towards levels of 22800-23000.

Conversely, a downturn below 22600 may trigger a sharp decline to 22520-22450 levels, presenting buying opportunities for astute traders.

Trading Strategy for Nifty Futures 

Traders are advised to consider buying Nifty Futures around 22700 mark, with a stop loss set below 22580 for potential gains up to 22820—22900 levels.

Bank Nifty Overview 

Bank Nifty made a fresh record high and closed above the same in the last trading session. Now Bank Nifty has near support range around 48500 and resistance at 48850, sustained movement beyond 48850 could lead Bank Nifty towards 49100-49400 levels.

Conversely, a breach below 48500 may drive it down to 48200-48000 levels.

Trading Strategy

Buy Bank Nifty Future above 48850 with a stop loss below 48600 for the upside movement till 49100—49300 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

TATA MOTORS (09/04/2024)

Buy Tata Motors above 1023 for the upside move till 1038 and then to 1048 levels in the coming days. Stop loss below 1008.       

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.

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