Profit Booking Session May Expect From the Higher Levels...

EQUITY BULLETIN FOR 05 FEBRUARY 2024

Nifty Future Overview

Nifty shows mind blowing rally of more than 400 points but erased almost 50% gains in the last trading session. We will expect a profit booking move but RBI policy may fuel the bull run.

Now, Nifty Future has near support around 21880 and upside near hurdle around 22100 levels. Break and sustain above 22100 will take it towards 22200-22250 levels.

On the other side, Nifty has near support around 21880 levels, break and sustain below 21880 will expect a downside fall till 21820-21750 levels.

Trading strategy

Traders can Sell Nifty Futures below 21880 with a stop loss above 21980 levels for the downside movement till 21800— 21750 levels.

Bank Nifty Overview

Bank Nifty too performed well but slipped sharply from the higher levels in the last trading session. Bank Nifty formed a huge bearish candle and will expect more downside in upcoming sessions. Bank Nifty has next support around 46000 and near resistance around 46600, breaks and sustains above 46600 will see an upside movement till 46900-47150 levels.

On the lower side, Bank Nifty has a next support around 46000, a break and sustain below 46000 will see a downside fall till 45800-45600 levels.

Trading Strategy

Sell Bank Nifty Futureon rise around 46500 with a stop loss above 46800 for the downside movement till 46200—46000 levels in an intraday trading session.

Stock Pick of the day

SBIN (05/02/2024)

Buy SBIN futures on dip around 644 for the upside move till 655 and then to 665 levels in the coming days. Stop loss below 635.

*T&C Apply…