Nifty Futures Surge Above 19600 Amid Late-Day Buying Spree, FMCG and Pharma Lead the Way

Daily Equity Bulletin 07 September 2023

Nifty Overview

In the final hours of the trading day, there was notable buying activity that propelled Nifty above the 19600 mark. The day's closing for Nifty has developed hope among bullish traders, especially with the FMCG and Pharma sectors leading the charge and aiding Nifty in finishing on a positive note.

Presently, Nifty finds significant support around 19500, while the primary resistance lies near the 19650 level. A sustained move above 19650 could pave the way for further gains, targeting 19710 and potentially 19750 in upcoming sessions.

Conversely, Nifty's major support rests around 19500. Sustained trade below this level will take Nifty towards the potential targets of 19440-19400 levels. Traders may consider buying on dips around the support as a favorable opportunity.

Trading Strategy

Buy Nifty futures around 19600 with stop loss below 19530 for the upside movement till 19680-19720.

Bank Nifty Overview

Bank Nifty witnessed a two-way movement during the inaugural weekly expiry on Wednesday. It staged a notable recovery from lower levels during late trading hours, forming a positive reversal pattern on the hourly chart.

Bank Nifty's critical support zone stands at 44200, with immediate resistance nearby at 44600. A break above 44600 in the Bank Nifty spot index could trigger substantial short-covering, potentially propelling it to levels of 44800-45000 in the forthcoming trading sessions.

On the flip side, Bank Nifty successfully held the 44200 support and rebounded strongly from it. A break and a daily close below the 44200 level would invalidate our bullish outlook for the next few trading sessions.

Trading Strategy

Buy Bank Nifty Futures around 44550 with stop loss below 44400 for the upside movement till 44700-44800.

Daily Top Pick (07/09/2023)

Buy TCS above 3450 with stop loss below 3400. Target-3500-3530.

*T&C Apply...