Nifty in Oversold Territory: Anticipating Short Covering Rally...

EQUITY BULLETIN FOR 18 APRIL 2024

Nifty Future Overview

Nifty Futures dragged sharply amid global tensions in the last trading session. Now Nifty is moving in an oversold zone and we will expect a sharp short covering in the upcoming session. Nifty futures has near support level of 22100, with near resistance at 22250. A breach and sustained movement above 22250 could propel Nifty towards levels of 22350-22400.

Conversely, a downturn below 22100 may trigger a sharp decline to 22000-21950 levels.

Trading Strategy for Nifty Futures 

Buy Nifty Futures above 22250 mark, with a stop loss set below 22120 for potential upside move to 22350—22400 levels.

Bank Nifty Overview 

Bank Nifty is taking support from the upward sloping trendline and looks good at the current levels for the fresh reversal. Now Bank Nifty has near support range around 47400 and resistance at 47750, sustained movement beyond 47750 could lead Bank Nifty towards 48000-48200 levels.

Conversely, a breach below 47400 may drive it down to 47200-47000 levels.

Trading Strategy

Buy Bank Nifty Future around 47500 with a stop loss below 47150 for the upside movement till 47800—48000 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

RECLTD (18/04/2024)

Buy RECLTD above 432 for the upside move till 438 and then to 442 levels in the coming days. Stop loss below 426.       

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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