Nifty Surges Toward All-Time High Following Positive Global Market Cues...

EQUITY BULLETIN FOR 22 MAY 2024

Nifty Future Overview

Nifty again settled on a bullish note and closed above the resistance level in the last trading session. On the daily chart, Nifty continued its bull run and heading towards life high, indicating bullish momentum in upcoming sessions.

Now Nifty has major support around 22500 and upside resistance around 22650. Break and sustain above 22650 could propel Nifty towards levels of 22680-22750.

Conversely, a downturn below 22500 may trigger a sharp decline to 22400-22350 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 buying Nifty Futures around 22550, with a stop loss set below 22450 for potential targets up to 22630—22680 levels.

Bank Nifty Overview    

On the daily chart, Bank Nifty unable to sustain at day's high but managed to close above the support zone. Now we will expect a short covering session in Bank Nifty for the day.

Now Bank Nifty Futures has a near support range around 47900 and resistance at 48300, sustained movement beyond 48300 could lead Bank Nifty towards 48500-48700 levels.

Conversely, a breach below 47900 may drive it down to 47800-47600 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future above 48200 with a stop loss below 47900 for the upside movement till 48500—48800 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 (22/05/2024)

Buy Hind Copper Futures above 402 for the upside move till 410 and then to 415 levels in the coming days. Stop loss below 395.           

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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