Will NDA score a hattrick? Eyes on 400+ Seats...

EQUITY BULLETIN FOR 04 JUNE 2024

The benchmark Sensex and Nifty indices are poised to open higher on June 4, buoyed by positive trends in the GIFT Nifty. The GIFT Nifty was trading 110.5 points above the Nifty 50 close, indicating a gap-up opening for the day. As of 06:50 am IST, Nifty futures were trading at 23,577.50.

On June 3, the Indian equity markets soared by over 3%, marking their largest single-day gain in three years. This surge was driven by exit poll results predicting a significant victory for the BJP-led NDA in the general elections. The Sensex closed up by 2,507.47 points, or 3.39%, at 76,468.78, while the Nifty ended 733.20 points, or 3.25%, higher at 23,263.90.

Despite a strong start to June, Asian markets opened lower on Tuesday as investors await the final results of India’s general elections. In the US, the S&P 500 and the Nasdaq edged higher during a volatile session on Monday, amid soft manufacturing sector data and a brief trading halt on the NYSE due to a technical glitch affecting dozens of equities.

Nifty Future Overview

Nifty Future again expected to open with huge upside and we will expect more volatility in today's trading session. Now Nifty has major support around 23000 and upside resistance around 22500. Any sharp dip around support zone will be a good entry for the traders.

There are high chances that Nifty could breach the 23,500 mark. We expect Nifty to test 24K Mark if NDA makes a 400+ mark.

Trading Strategy for Nifty Futures 

Traders are advised to consider buying Nifty Futures around 23100, with a stop loss set below 22800 for potential targets up to 23400—23600 levels.

Bank Nifty Overview    

A sharp upside will expected in Bank Nifty and we will expect it to test 53K level in today's trading session.

Now Bank Nifty Futures has a near support range around 49500 and resistance at 51300, sustained movement beyond 51300 could lead Bank Nifty towards 51700-52300 levels.

Conversely, a breach below 49500 may drive it down to 49000-48800 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future around 50500 with a stop loss below 49800 for the upside movement till 51200—51500 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

BEL (04/06/2024)

Buy BEL Futures above 320 for the upside move till 327 and then to 332 levels in the coming days. Stop loss below 314.           

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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