Weekly Start Will Expect on a Flat Note, Keep an Eye on IT Space...

Daily Equity Bulletin

From the Last 4 consecutive weeks, Market ended on a negative note. Both Nifty and Bank Nifty hold its important supports. Important triggers for the today is Crude Oil as Oil rises after US strikes three Iran tankers. Hormuz flow remain below normal result Brent Crude Oil jump above $97.

Asia-Pac equities open at a mixed note, following US job data and heightened Fed rate hike and hormuz tension.

Gift Nifty indicates a flat to negative opening for the day.

Nifty

In the Last session, Nifty closed slightly up with 0.1% at 23897. Nifty hold its strong support around 23800, Strong Support around 23800, break below this level will see a fresh downside move towards 23650-23550 levels. Resistance around 24000, break and sustain above this level will see upside move till 24120-24200 level.

📌 Trading Strategy:

Buy Nifty future above 24100.

🎯 Target: 24220-24300

🚫 Stop Loss: 23980

Bank Nifty

In the previous session, Bank Nifty closed flat. Support around 57000, break below this level will test downside level till 56850-56700 mark. On the other side, major resistance around 57500, break and sustain above this level will see upside move till 57880-58000.

📌 Trading Strategy:

🔺 Buy Bank Nifty future around 57500.

🎯 Target: 57850-58000

🚫 Stop Loss: 57200

Top Pick-IDEA

Buy IDEA 15 CE above 0.75. Stop loss below 0.58. Target- 0.95-1.10.