Nifty at 23K Mark and Bank Nifty Eyes on 50K Mark...

EQUITY BULLETIN FOR 24 MAY 2024

Nifty Future Overview

A mindblowing rally was noticed in Nifty and closed with huge intraday gains in the last trading session. On the daily chart, Nifty breached its horizontal resistance line and closed above the same, indicating bullish momentum in upcoming sessions.

Now Nifty has major support around 22800 and upside resistance around 23100. Break and sustain above 23100 could propel Nifty towards levels of 23180-23250.

Conversely, a downturn below 22800 may trigger a sharp decline to 22700-22650 levels. Buy on any sharp dip will be a buying opportunity for the upcoming sessions.

Trading Strategy for Nifty Futures 

Traders are advised to consider buying Nifty Futures around 22850, with a stop loss set below 22700 for potential targets up to 23040—23100 levels.

Bank Nifty Overview    

A sharp short covering was observed in Bank Nifty and closed with a solid gains in the last trading session. Now we will expect it to test 50K mark in upcoming sessions and buying on dips strategy will be the best trading opportunity for the traders.

Now Bank Nifty Futures has a near support range around 48500 and resistance at 48800, sustained movement beyond 48800 could lead Bank Nifty towards 49200-49600 levels.

Conversely, a breach below 48500 may drive it down to 48300-48200 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future above 48200 with a stop loss below 47900 for the upside movement till 48500—48800 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

IDFC FIRST BANK (24/05/2024)

Buy IDFC First Bank Futures around 78 for the upside move till 81 and then to 84 levels in the coming days. Stop loss below 75.           

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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