Roller-Coaster Ride Will Expect During the Budget Session...

EQUITY BULLETIN FOR 01 FEBRUARY 2024

On January 31, Indian indices witnessed a positive closing amidst fluctuations leading up to the budget and the Federal Reserve's rate decision. The Sensex marked a gain of 612.21 points (0.86%) to reach 71,752.11, while the Nifty observed a gain of 203.60 points (0.95%) closing at 21,725.70. Noteworthy performers in the Nifty included Dr Reddy's, Eicher Motors, Sun Pharma, Divis Labs, and Tata Motors. On the other side, L&T, Titan, Tata Consumer, and BPCL were among the notable losers.

Nifty Future Overview

Nifty again recovered more than 300 points from the day's low and ended up on a positive note in the last trading session. We will expect both side movement in the budget session.

Now, Nifty Future has near support around 21700 and upside near hurdle around 21850 levels. Break and sustain above 21850 will take it towards 21950-22000 levels.

On the other side, Nifty has near support around 21700 levels, break and sustain below 21700 will expect a downside fall till 21620-21550 levels.

Trading strategy

Traders can Buy Nifty Futures above 21850 with a stop loss below 21750 levels for the upside movement till 21950— 22000 levels.

Bank Nifty Overview

Bank Nifty performed well and achieved our intraday targets successfully in the last trading session. We will expect huge volatility in today's session. Bank Nifty has next support around 45800 and near resistance around 46500, breaks and sustains above 465000 will see an upside movement till 46900-47150 levels.

On the lower side, Bank Nifty has a next support range around 45800-45900, a break and sustain below 45800 will see a downside fall till 45600-45400 levels.

Trading Strategy

Buy Bank Nifty Future above 46500 with a stop loss below 46200 for the upside movement till 46800—47000 levels in an intraday trading session.

Stock Pick of the day

AVANTIFEED (01/02/2024)

Buy Avantifeed above 525 for the upside move till 545 and then to 560 levels in the coming days. Stop loss below 505. BALRAMCHIN (01/02/2024)

Buy Balrmachin Futures above 400 for the upside move till 407 and then to 412 levels in the coming days. Stop loss below 395.

*T&C Apply…