Nifty Futures Show Resilience, Bank Nifty Faces Profit Booking Pressure

EQUITY BULLETIN FOR 06 JULY 2023

Nifty Futures

Nifty Futures showcase a strong recovery from lower levels, with support around 19400 and resistance near 19500. A successful breakout above 19500 could propel the index towards levels of 19560-19600 in the upcoming trading session.

Conversely, an hourly close below 19400 may trigger profit booking, potentially reaching levels of 19320-19250.

Trading Strategy Risky traders can consider selling Nifty Futures around 19540, setting a stop loss above 19600, and targeting a downside movement till 19440-19400 levels.

Bank Nifty Futures

Bank Nifty Futures witness a bearish pattern at higher levels, suggesting potential profit booking. The index encounters resistance near 45500, and an hourly close above this level may lead to an upward movement till 45650-45750.

On the downside, support lies around 45200, and sustaining below 45200 may trigger a sharp correction towards 45000-44900 levels.

Trading Strategy

Traders can sell Bank Nifty Futures around 45350, placing a stop loss above 45500, targeting a downside movement till 45150-45000 levels in the intraday trading session.

Stock Pick of the Day

BBTC

Buy BBTC around 1070-1075 for the upside move till 1125 and then to 1150 levels in the coming days. Stop loss below 1020.

*T&C Apply…