Strong Start For the Week Amid Bullish Global Market Signals...

EQUITY BULLETIN FOR 18 JUNE 2024

Last week, the benchmark indices saw a subdued tone, resulting in modest gains for both the Nifty and Sensex. However, broader indices outperformed significantly, surprising participants with gains ranging from 3.82% to 4.81%.

On June 14, the Indian stock market closed positively, with the Nifty hitting a new record high. The Sensex rose by 181.87 points, or 0.24%, to end at 76,992.77, while the Nifty increased by 66.70 points, or 0.29%, to finish at 23,465.60.

Market breadth was positive as 2,177 shares advanced, 1,598 shares declined, and 106 shares remained unchanged.

Nifty Future Overview

Nifty continuously made higher highs and higher lows with a positive bias, indicating further upside in upcoming sessions Now we will expect another upside move amid supportive cues from global markets.

Now Nifty has major support around 23350 and upside resistance around 23480. Break and sustain above 23480 could propel Nifty towards levels of 23550-23600.

Conversely, a downturn below 23350 may trigger a decline to 23260-23150 levels. Buy on any sharp dip will be a buying opportunity for the upcoming sessions.

Trading Strategy for Nifty Futures 

Traders are advised to consider buy Nifty Futures above 23500, with a stop loss set below 23400 for potential targets up to 23580—23630 levels.

Bank Nifty Overview    

Bank Nifty closed on a flat note and made a bearish candle in the last trading session. Now we will expect a solid move on the upside if it breaks the resistance in upcoming sessions.

Now Bank Nifty Futures has a near support range around 49800 and resistance at 50200, sustained movement beyond 50200 could lead Bank Nifty towards 50500-50600 levels.

Conversely, a breach below 49800 may drive it down to 49500-49300 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future above 50200 with a stop loss below 49900 for the upside movement till 50500—50800 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

BANDHAN BANK (18/06/2024)

Buy Bandhan Bank Future above 195 for the upside move till 199 and then to 203 levels in the coming days. Stop loss below 191.           

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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