Nifty Witness Profit Booking, Bank Nifty Signals Further Downside Potential

EQUITY BULLETIN FOR 10 JULY 2023

Nifty Futures

Nifty Futures experience profit booking after reaching an all-time high, finding immediate support at 19350 and resistance near 19500. A breakout above 19500 could lead to an upward move targeting levels of 19560-19600 in the upcoming trading session.

Conversely, a break and hourly close below 19350 may result in a sharp fall towards 19300-19250 levels.

Trading Strategy

Traders can consider selling Nifty Futures around 19500, with a stop loss above 19600, targeting a downside movement till 19420-19360 levels.

Bank Nifty Futures

Bank Nifty Futures achieve downside targets in the previous session, signaling potential further decline. The index encounters resistance around 45300, and an hourly close above this level may trigger an upside movement towards 45500-45650.

On the downside, near support lies at 44800, and sustaining below 44800 could lead to a sharp correction till 44600-44500 levels.

Trading Strategy

Traders can sell Bank Nifty Futures around 45300, placing a stop loss above 45500, targeting a downside movement till 45050-44900 levels in the intraday trading session.

Stock Pick of the Day

ZUARI

Buy ZUARI around 164-162 for the upside move till 174 and then to 180 levels in the coming days. Stop loss below 154.

*T&C Apply…