Positive Weekly Start Will Expect Amid Supportive Global Cues...

EQUITY BULLETIN FOR 04 NOVEMBER 2024

The Nifty 50 rebounded after a couple of days of decline, marking a positive start to the November series on November 1. The index gained half a percent on the low-volume Muhurat trading day, closing just above 24,300.

On the daily chart, the market has been trading within a 300-point range with weak sentiment over the past few days. This range will be crucial in determining the next clear market direction.

The Nifty Put-Call Ratio (PCR), which reflects market sentiment, rose to 1.07 on November 1 from 1.05 in the previous session. Volatility climbed for the fourth straight session, reaching fresh two-and-a-half-month highs, creating a challenging environment for bulls. The India VIX increased by 2.27 percent to 15.9, remaining above all key moving averages—a negative sign for bullish sentiment.

Nifty Future Overview

Nifty Futures jumped sharply on the Muhurat trading day with low volumes. Now Nifty Faces Key Test around 24,300 level which is Crucial support zone for Bulls.

Currently, Nifty has key support around 24300 and resistance near 24550. A break and a sustained move above 24550 could drive Nifty towards 24700-24800 levels.

On the downside, if Nifty breaks below 24300, we could see a decline toward 24220-24150. A "buy on dips" strategy near support levels may benefit traders.

Trading Strategy for Nifty Futures 

Traders are advised to Buy Nifty Futures above 24450, with a stop loss set below 24300 for potential targets up to 24580—24700 levels.

Bank Nifty Overview    

Bank Nifty too ended on a positive note and looks good for the upside move on the daily chart. Now Bank Nifty has major support at 51700 and resistance at 52100. Sustained movement above 52100 could push Bank Nifty towards 52500-52700.

Conversely, a break below 51700 could trigger a correction towards 51500-51200. A "Buy on Dips" strategy around the support zone will be a crucial entry for the traders.

Trading Strategy

Buy Bank Nifty Future on dip around 51800 with a stop loss below 50500 for the upside movement till 52150—52400 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

CUB (04/11/2024)

Buy CUB Futures above 180 for the upside move till 184 and then to 187 levels in the coming days. Stop loss below 176.           

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