Nifty Defends Key Level Amid Pre-Budget Volatility...

EQUITY BULLETIN FOR 23 JULY 2024

The Nifty 50 defended the 24,500 mark and its 10-day EMA (24,475) with a nearly 150-point recovery from the day's low, closing below the support trendline with moderate losses on July 22. Market participants await the Union Budget on July 23. Experts see 24,000 as critical support and 24,850 as a key hurdle in the next session.

Nifty Future Overview

Nifty futures ended flat after both sides' volatility in the last trading session. Today we will expect more volatility due to the budget session.

Now Nifty has major support around 24380 and upside resistance around 24600. Break and sustain above 24600 could propel Nifty towards levels of 24700-24740.

Conversely, a downturn below 24380 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 24420, with a stop loss set below 24280 for potential targets up to 24550—24650 levels.

Bank Nifty Overview    

Bank Nifty performed well as per our expectations and achieved our intraday targets in the last trading session. Now Bank Nifty Futures has a near support around 51900 and resistance at 52550, sustained movement beyond 52550 could lead Bank Nifty towards 52900-53200 levels.

Conversely, a breach below 51900 may drive it down to 51700-51600 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future again around 52000 with a stop loss below 51700 for the upside movement till 52400—52600 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

FEDERAL BANK (23/07/2024)

Buy Federal Bank Futures above 195 for the upside move till 199 and then to 202 levels in the coming days. Stop loss below 191.           

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.