Nifty is Ready to Break 25K Mark...

EQUITY BULLETIN FOR 1ST AUGUST 2024

Nifty has been facing resistance near the 25,000 zone, and experts believe a decisive breach above this psychological level is needed to continue the upward move, with the next target at 25,500. The crucial support level is at 24,400.

The Nifty Put-Call ratio (PCR), indicating market sentiment, is at 1.18. Volatility remains in the 12-14 range, with the India VIX, the fear index, closing at 13.85, up 2.87 percent from the previous session.

Nifty Future Overview

Nifty Futures again performed well and closed on a solid note in the last trading session. Now we will expect another bull run for the day.

Now Nifty has major support around 24900 and upside resistance around 25050. Break and sustain above 25050 could propel Nifty towards levels of 25120-25150.

Conversely, a downturn below 24900 may trigger a decline to 24800-24750 levels. Buy on dips around support will be a fruitful strategy for the traders.

Trading Strategy for Nifty Futures 

Traders are advised to Buy Nifty Futures above 25050, with a stop loss set below 24940 for potential targets up to 25120—25200 levels.

Bank Nifty Overview    

Bank Nifty again ended on a flat note after a range bound session in last trading session. Now Bank Nifty Futures has a near support around 51200 and resistance at 51800, sustained movement beyond 51800 could lead Bank Nifty towards 52100-52300 levels.

Conversely, a breach below 51200 may drive it down to 50900-50600 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future around 51300 with a stop loss below 50900 for the upside movement till 51700—51900 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

ASHOKLEY (01/08/2024)

Buy Ashokley Futures above 260 for the upside move till 265 and then to 268 levels in the coming days. Stop loss below 256.           

Stay tuned for further insights and updates from Millennial Investor Services - Your Trusted Stock Market Advisory Partner.