Nifty Holds Strong at 23,400, Closed on a Higher Note...

EQUITY BULLETIN FOR 25 JUNE 2024

The market maintained the 23,400 level at close, showing robust support. The Nifty 50 rose by 37 points to 23,538, recovering well from the day's low on June 24. The Sensex climbed 131.18 points, or 0.17%, to 77,341.08. Market breadth was mixed with about 1,800 advancing shares, 1,696 declining shares, and 126 shares unchanged.

Sector-wise, capital goods, auto, FMCG, and power indices gained 0.5-1%, while metal, oil & gas, PSU bank, and media sectors fell by 0.5-1%.

Nifty Future Overview

Nifty recovered well from the lower levels and ended in the green in the last trading session, indicating further upside in upcoming sessions Now we will expect another upside move amid supportive cues from global markets.

Now Nifty has major support around 23400 and upside resistance around 23480. Break and sustain above 23480 could propel Nifty towards levels of 23550-23600.

Conversely, a downturn below 23400 may trigger a decline to 23260-23150 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 buy Nifty Futures above 23580, with a stop loss set below 23450 for potential targets up to 23680—23730 levels.

Bank Nifty Overview    

Bank Nifty too performed well and closed on a bullish note in the last trading session. Now we will expect a solid breakout on the upside if it breaks the resistance in upcoming sessions.

Now Bank Nifty Futures has a near support range around 51500 and resistance at 51900, sustained movement beyond 51900 could lead Bank Nifty towards 52200-52500 levels.

Conversely, a breach below 51500 may drive it down to 51200-51000 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future above 51900 with a stop loss below 51500 for the upside movement till 52300—52500 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

HINDCOPPER (25/06/2024)

Buy Hindcopper Future above 335 for the upside move till 342 and then to 348 levels in the coming days. Stop loss below 328.           

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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