Nifty Eyes on Fresh All-Time High and Bank Nifty too Look Solid...

EQUITY BULLETIN FOR 04 APRIL 2024

Nifty Future Overview

Nifty witnessed a both side move and closed on a flat note in the last trading session. Now we will expect a good upside move in the upcoming session. Nifty futures still moving above the near support level of 22500, with near resistance at 22620. A breach and sustained movement above 22620 could propel Nifty towards levels of 22700-22750.

Conversely, a downturn below 22500 may trigger a sharp decline to 22420-22350 levels, presenting buying opportunities for astute traders.

Trading Strategy for Nifty Futures 

Traders are advised to consider buying Nifty Futures above 22600 mark, with a stop loss set below 22500 for potential gains up to 22670—22720 levels.

Bank Nifty Overview 

Bank Nifty again performed well and closed on a bullish note in the last trading session. Now Bank Nifty has near support range around 47600 and resistance at 48000, sustained movement beyond 48000 could lead Bank Nifty towards 48200-48400 levels.

Conversely, a breach below 47600 may drive it down to 47400-47300 levels.

Trading Strategy

Buy Bank Nifty Future above 48000 with a stop loss below 47700 for the upside movement till 48220—48400 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

HINDALCO (04/04/2024)

Buy HINDALCO above 582 for the upside move till 590 and then to 595 levels in the coming days. Stop loss below 574.       

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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