Supportive Opening Will Expect as Global Indices Trades Higher...

EQUITY BULLETIN FOR 07 MAY 2024

Nifty Future Overview

Nifty again erased all intraday gains from the higher levels and ended on a flat note in the last trading session. However, US market again trades higher and NASDAQ closed around the all-time high. We will expect a sharp short covering in today's session in domestic markets.

Now Nifty has major support around 22450 and upside resistance around 22700. Break and sustain above 22700 could propel Nifty towards levels of 22820-22900.

Conversely, a downturn below 22450 may trigger a sharp decline to 22380-22350 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 22600 mark, with a stop loss set below 22450 for potential targets up to 22700—22750 levels.

Bank Nifty Overview    

Bank Nifty too closed on a flat note and formed a supportive candle in the final hour in the last trading session. Now, we expect a positive opening for the day, which may breach fresh highs in upcoming sessions.

Now Bank Nifty Futures has near support range around 48900 and resistance at 49150, sustained movement beyond 49150 could lead Bank Nifty towards 49400-49600 levels.

Conversely, a breach below 48900 may drive it down to 48700-48500 levels.

Trading Strategy

Buy Bank Nifty Future above 49150 with a stop loss below 48900 for the upside movement till 49450—49600 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

LUPIN (07/05/2024)

Buy LUPIN above 1710 for the upside move till 1760 and then to 1800 levels in the coming days. Stop loss below 1670.           

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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