Nifty Sustains Uptrend for 7th Session, Closed Strong on Weekly Chart...

EQUITY BULLETIN FOR 26 AUGUST 2024

The benchmark indices remained rangebound on August 23, closing flat with a slight positive bias. The Nifty 50 extended its uptrend for the seventh consecutive session, with momentum indicators RSI and MACD continuing to support the bullish trend. The index maintained its momentum, staying above all key moving averages and the middle band of the Bollinger Band.

The Nifty Put-Call ratio (PCR), a gauge of market sentiment, decreased to 1.27 from 1.4 in the previous session. Volatility saw a rebound for the first time in seven sessions, climbing 4.25 percent, yet remaining below key moving averages and the crucial 14.6 mark, which continues to favor the bulls. The India VIX, the fear index, rose to 13.55 from 13 levels.

Nifty Future Overview

Nifty Futures ended on a bullish note on the weekly chart and looks strong for the further upside move. Now Nifty futures may open gap up and we will expect a sharp upside move for the 25K mark in upcoming sessions.

Now Nifty has major support around 24780 and upside resistance around 24900. Break and sustain above 24900 could propel Nifty towards levels of 25000-25050.

Conversely, a downturn below 24780 may trigger a decline to 24700 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 around 24850, with a stop loss set below 24750 for potential targets up to 24960—25000 levels.

Bank Nifty Overview    

Bank Nifty ended on a flat note but looks good on the weekly chart. Now Bank Nifty Futures has a near support around 50800 and resistance at 51200, sustained movement beyond 51200 could lead Bank Nifty towards 51500-51700 levels.

Conversely, a breach below 50800 may drive it down to 50600-50500 levels. Any sharp decline around 50500 level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future above 51100 with a stop loss below 50800 for the upside movement till 51450—51600 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

AXIS BANK (26/08/2024)

Buy AXIS Bank Futures above 1170 for the upside move till 1190 and then to 1210 levels in the coming days. Stop loss below 1150.           

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