Nifty Slipped Below 22K Mark But Bank Nifty Holds the Support...

EQUITY BULLETIN FOR 14 MARCH 2024

Nifty Future Overview

A Sharp free-fall witnessed in Nifty and closed below the 22K mark in the last trading session. Now we will expect more correction in upcoming sessions.

Now, Nifty futures has near support around 22000 and an upside near hurdle around 22200 levels. Break and sustain above 22200 will take it towards 22280-22320 levels.

On the other side, Nifty has major support around 22000 levels, break and sustain below 22000 will expect a downside fall till 21900-21850 levels. Sell on rise around resistance will be the best opportunity for the day traders.

Trading strategy

Traders can Sell Nifty Futures below 22000 with a stop loss above 22120 levels for the downside movement till 21920— 21850 levels.

Bank Nifty Overview

Bank Nifty too closed on a weak note but managed to hold crucial support in the last trading session. Bank Nifty's future has near major support around 46900 and near resistance around 47400, breaks and sustains above 47400 will see an upside movement till 47600-47700 levels.

On the lower side, Bank Nifty has a near major support around 46900, a break and sustain below 46900 will see a downside fall to 46700-46500 levels.

Trading Strategy

Sell Bank Nifty Future around 47400 with a stop loss above 47700 for the downside movement till 47000—46800 levels in an intraday trading session.

Trade cautiously with levels only.

Stock Pick of the Day

HINDALCO (14/03/2024)

Buy HINDALCO above 510 for the upside move till 520 and then to 528 levels in the coming days. Stop loss below 500. 

***T&C Apply...