Signs of Short Covering on the Chart on Monthly Expiry...

EQUITY BULLETIN FOR 31 AUGUST 2023

Nifty Futures

Nifty Futures erased all intraday gains and closed near the day's low in the last trading session. Now Nifty Futures has near support around 19280 and upside near hurdle around 19450 levels. Break above 19450 will see an upside move till 19500 levels and fresh upside will expect on close above 19500 levels in the upcoming trading session.

On the other side, Nifty has immediate support around 19280 levels, break and sustain below 19280 will see a downside fall till 19200 levels. More downside will expect on close below 19200 levels.

Trading strategy

Traders can Buy Nifty Future around 19300 with a stop loss below 19240 levels for the upside movement till 19360— 19420 levels.

Bank Nifty Futures

Bank Nifty slipped from the higher levels and closed on a negative note in the last trading session. Bank Nifty has near support around 44000 and near resistance around 44500, breaks and sustains above 44500 will see an upside movement till 44700 levels.

On the lower side, Bank Nifty has a near support around 44000, break and sustain below 44000 will see a downfall fall till 43800 levels.

Trading Strategy

Traders can enter around 44000 with a stop loss below 43800 for the upside movement till 44350—44400 levels in an intraday trading session.

Stock Pick of the day

NTPC (31/08/2023)

Buy NTPC Sep above 222.50 for the upside move till 226 and then to 228 levels in the coming days. Stop loss below 219.

*T&C Apply…