Positive Start Of The Week Will Expect Amid Dovish Job Data From US...

EQUITY BULLETIN FOR 06 MAY 2024

Nifty Future Overview

Nifty crashed sharply from the record highs and closed with a loss of 1% in the last trading session. However, US market trades higher after the dovish Jobs data. We will expect a sharp short covering in today's session in domestic markets.

Now Nifty has major support around 22450 and upside resistance around 22700. Break and sustain above 22700 could propel Nifty towards levels of 22820-22900.

Conversely, a downturn below 22450 may trigger a sharp decline to 22380-22350 levels. Buy on dips around support will be a buying opportunity for traders.

Trading Strategy for Nifty Futures 

Traders are advised to consider buying Nifty Futures around 22550 mark, with a stop loss set below 22450 for potential targets up to 22700—22750 levels.

Bank Nifty Overview    

Bank Nifty too dragged sharply from the day's high and closed with a negative bias in the last trading session. Now we will expect a gap-up opening for the day and it may breach fresh high in upcoming sessions.

Now Bank Nifty Futures has near support range around 48800 and resistance at 49300, sustained movement beyond 49300 could lead Bank Nifty towards 49500-49700 levels.

Conversely, a breach below 48800 may drive it down to 48600-48500 levels.

Trading Strategy

Buy Bank Nifty Future above 49300 with a stop loss below 49000 for the upside movement till 49700—50000 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

BSOFT (06/05/2024)

Buy BSOFT above 645 for the upside move till 658 and then to 670 levels in the coming days. Stop loss below 630.           

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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