Short Covering Will Expect on Weekly Expiry...

EQUITY BULLETIN FOR 09 MAY 2024

Nifty Future Overview

Nifty bounced from the lower support and formed a green reversal candle on the daily chart. Due to the weekly expiry, We expect both sides' volatility in today's trading session. A sharp short covering may be expected from lower levels.

Now Nifty has major support around 22300 and upside resistance around 22500. Break and sustain above 22500 could propel Nifty towards levels of 22620-22700.

Conversely, a downturn below 22300 may trigger a sharp decline to 22220-22170 levels. Buy on dips around support will be a buying opportunity for traders.

Trading Strategy for Nifty Futures 

Traders are advised to consider buying Nifty Futures above 22500 mark, with a stop loss set below 22400 for potential targets up to 22600—22650 levels.

Bank Nifty Overview    

Bank Nifty holds the crucial support and trying to form a reversal candle on the daily chart. Now, we expect a sharp reversal from the lower level in upcoming sessions.

Now Bank Nifty Futures has near support range around 48000 and resistance at 48300, sustained movement beyond 48300 could lead Bank Nifty towards 48500-48700 levels.

Conversely, a breach below 48000 may drive it down to 47800-47600 levels.

Trading Strategy

Buy Bank Nifty Future on dip around 47900 with a stop loss below 47600 for the upside movement till 48300—48500 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

HEROMOTO CORP (09/05/2024)

Buy HEROMOTO CORP above 4700 for the upside move till 4820 and then to 4900 levels in the coming days. Stop loss below 4580.           

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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