Nifty Trades Lower Amid Huge Sell-Off in IT Giants...

EQUITY BULLETIN FOR 20 MARCH 2024

Nifty Future Overview

Nifty breached its crucial support and closed below the same in the last trading session, indicating further weakness in upcoming sessions. On the daily chart, Nifty broke the rising trendline on the downside and heading towards 21500 level.

Now, Nifty futures have near support around 22800 and an upside near hurdle around 22000 levels. Break and sustain above 22000 will take it towards 22080-22150 levels.

On the other side, Nifty has major support around 21800 levels, break and sustain below 21800 will expect a sharp downside fall till 21720-21650 levels. Sell on rise around resistance will be a good opportunity for the traders.

Trading strategy

Traders can Sell Nifty Futures around 21950 with a stop loss above 22100 levels for the downside movement till 21830— 21750 levels.

Bank Nifty Overview

Bank Nifty still holds the support and closed above the same in the last trading session. Bank Nifty's future has near support around 46350 and near resistance around 46800, breaks and sustains above 46800 will see an upside movement till 47000-47200 levels.

On the lower side, Bank Nifty has a near major support around 46350, a break and sustain below 46350 will see a downside fall to 46100-46000 levels.

Trading Strategy

Buy Bank Nifty Future on dip around 46000 with a stop loss below 45700 for the upside movement till 46400—47600 levels in an intraday trading session.

Trade cautiously with levels only.

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