Sensex and Nifty 50 Set to Open Higher Amid Supportive Cues...

EQUITY BULLETIN FOR 03 JULY 2024

Benchmark indices Sensex and Nifty 50 are expected to open higher on July 3, influenced by positive signals from GIFT Nifty, which was trading near 24,340 earlier this morning.

On July 2, despite recording strong gains in the previous session, the market remained rangebound, with Nifty crossing the 24,200 mark for the first time. At the close, the Sensex was down by 34.74 points or 0.04 percent at 79,441.45, and the Nifty was down by 18.2 points or 0.08 percent at 24,123.80.

Nifty Future Overview

Nifty again again performed well and again closed on a bullish note in the last trading session, indicating further upside move in upcoming sessions. Now we will expect a fresh upside till 24400+ mark in the upcoming sessions.

Now Nifty has major support around 24100 and upside resistance around 24250. Break and sustain above 24250 could propel Nifty towards levels of 24330-24400.

Conversely, a downturn below 24100 may trigger a decline to 24000-23900 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 24200, with a stop loss set below 24100 for potential targets up to 24280—24350 levels.

Bank Nifty Overview    

Bank Nifty slipped from the higher levels and ended near the major support in the last trading session. On the daily chart, Bank Nifty holds the crucial support, indicating further upside in upcoming sessions.

Now Bank Nifty Futures has a near support range around 52200 and resistance at 52600, sustained movement beyond 52600 could lead Bank Nifty towards 52900-53100 levels.

Conversely, a breach below 52200 may drive it down to 52000-51900 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future around 52300 with a stop loss below 52000 for the upside movement till 52600—52900 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

ABFRL (03/07/2024)

Buy Adanient Futures above 333 for the upside move till 338 and then to 342 levels in the coming days. Stop loss below 328.           

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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