Nifty Ignites as All Sectors Blaze a Trail in Rally Surge

EQUITY BULLETIN FOR 23 FEBRUARY 2024

Nifty Future Overview

Nifty Scorches with Stellar Sector Performances, Anticipate Bullish Momentum Ahead. Eyes Set on Gap-Up Start Following Strong US Market Close.

Nifty Future turned sharply from the major support and again made a new life high. Nifty has near support around 22100 and upside near hurdle around 22300 levels. Break and sustain above 22300 will take it towards 22400-22460 levels.

On the other side, Nifty has near support around 22100 levels, break and sustain below 22100 will expect a downside fall till 22000-21950 levels. Any sharp dip will be the best buying opportunity for the traders.

Trading strategy

Traders can Buy Nifty Futures above 22300 with a stop loss below 22150 levels for the downside movement till 22420— 22480 levels.

Bank Nifty Overview

Bank Nifty too recovered sharply and formed a bullish reversal Doji in the last trading session. We will expect a fresh upside breakout in upcoming sessions. Bank Nifty's future has near support around 46700 and near resistance around 47100, breaks and sustains above 47100 will see an upside movement till 47350-47500 levels.

On the lower side, Bank Nifty has a near major support around 46700, a break and sustain below 46700 will see a downside fall to 46550 levels. Any sharp dip around support will be a good opportunity for the traders.

Trading Strategy

Buy Bank Nifty Future on dip above 47000 with a stop loss below 46700 for the upside movement till 47300—47500 levels in an intraday trading session.

Trade cautiously with levels only.

Stock Pick of the Day

NAUKRI (23/02/2024)

Buy Naukri above 5400 for the upside move till 5540 and then to 5640 levels in the coming days. Stop loss below 5280.

**T&C Apply...