Volatility May Expect on the Weekly Expiry...

EQUITY BULLETIN FOR 23 MAY 2024

Nifty Future Overview

Nifty recovered all intraday losses and settled with a healthy gain in the last trading session. On the daily chart, Nifty again formed a bullish candle and headed towards a fresh high, indicating bullish momentum in upcoming sessions.

Now Nifty has major support around 22600 and upside resistance around 22700. Break and sustain above 22700 could propel Nifty towards levels of 22770-22800.

Conversely, a downturn below 22600 may trigger a sharp decline to 22500-22450 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 selling Nifty Futures below 22600, with a stop loss set above 22700 for potential targets up to 22520—22480 levels.

Bank Nifty Overview    

Bank Nifty crashed sharply below the support level but recovered nicely in the final hour and closed with a positive candle in the last trading session. Now a buying on dips strategy will be the best trading opportunity for the traders.

Now Bank Nifty Futures has a near support range around 47750 and resistance at 48200, sustained movement beyond 48200 could lead Bank Nifty towards 48400-48600 levels.

Conversely, a breach below 47700 may drive it down to 47500-47400 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future above 48200 with a stop loss below 47900 for the upside movement till 48500—48800 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

ADANIENT (23/05/2024)

Buy Adanient Futures above 3180 for the upside move till 3230 and then to 3250 levels in the coming days. Stop loss below 3130.           

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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