Profit Booking Drives Indices Lower Ahead of Union Budget...

EQUITY BULLETIN FOR 22 JULY 2024

Profit booking swept through the market ahead of the Union Budget 2024, scheduled for July 23, causing a significant pullback in all major indices.

At the close, the Sensex fell by 755.48 points, or 0.93%, to 80,587.98, while the Nifty dropped 275.20 points, or 1.11%, to 24,525.60.

Nifty Future Overview

Nifty dragged sharply below the near support level and ended on a bearish note in the last trading session, indicating downside movement in upcoming sessions.

Now Nifty has major support around 24380 and upside resistance around 24600. Break and sustain above 24600 could propel Nifty towards levels of 24700-24740.

Conversely, a downturn below 24380 may trigger a decline to 24220-24150 levels. Sell on rise around resistance will be a crucial strategy for the traders.

Trading Strategy for Nifty Futures 

Traders are advised to Buy Nifty Futures around 24400, with a stop loss set below 24280 for potential targets up to 24520—24600 levels.

Bank Nifty Overview    

Bank Nifty still holds the crucial support in the last trading session. Now Bank Nifty Futures has a near support around 52150 and resistance at 52550, sustained movement beyond 52550 could lead Bank Nifty towards 52900-53200 levels.

Conversely, a breach below 52150 may drive it down to 51900-51600 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future around 52000 with a stop loss below 51700 for the upside movement till 52400—52600 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

FEDERAL BANK (22/07/2024)

Buy Federal Bank Futures on dip around 190 for the upside move till 193 and then to 196 levels in the coming days. Stop loss below 187.           

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.