Short Covering Will Expect in Bank Nifty on Monthly Expiry...

EQUITY BULLETIN FOR 28 FEBRUARY 2024

Nifty Future Overview

Nifty again turned well from the crucial support and closed on a bullish note in the last trading session. Now Nifty is again heading towards a fresh life high in upcoming sessions.

Now, Nifty has near support around 22100 and upside near hurdle around 22230 levels. Break and sustain above 22230 will take it towards 22290-22350 levels.

On the other side, Nifty has near support around 22100 levels, break and sustain below 22100 will expect a downside fall till 22030-22000 levels. Any sharp dip will be the best buying opportunity for the traders.

Trading strategy

Traders can Buy Nifty Futures around 22130 with a stop loss below 22040 levels for the upside movement till 22220— 22300 levels.

Bank Nifty Overview

Bank Nifty formed a green reversal candle and looks perfect for the sharp short-covering on monthly expiry. We will expect a fresh upside breakout in upcoming sessions. Bank Nifty's future has near major around 46300 and near resistance around 46700, breaks and sustains above 46700 will see an upside movement till 46950-47200 levels.

On the lower side, Bank Nifty has a near major support around 46300, a break and sustain below 46300 will see a downside fall to 46100-46000 levels. Any sharp dip around support will be a good opportunity for the traders.

Trading Strategy

Buy Bank Nifty Future above 46700 with a stop loss below 46450 for the upside movement till 47000—47200 levels in an intraday trading session.

Trade cautiously with levels only.

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IDFC FIRST BANK (28/02/2024)

Buy IDFC First Bank Futures above 84 for the upside move till 86 and then to 88 levels in the coming days. Stop loss below 82.

**T&C Apply...