Nifty - How to Make Profit today?

NIFTY Spot View: 06/03/2024
CMP: 22356.30
Moving AVG (EMA) 20 Hour & 40 Hour: 22341 & 22286
Moving AVG (EMA) 20 Day & 40 Day: 22065 & 21831
Support & Downside Range: 22320—22235—22163---22092
Resistance & Upside Range: 22465--22508
Short Term Trend Reversal Level: -- 21860

Making profit intraday is easy with our bank nifty options as we trade less but trade accurately.

Trading View Summary:
•  In today's trading session key levels to watch upside 22465—22508 rest zone & downside 22092—22163 support zone.
•  As long as nifty remains between upside 22508 & downside 22092 entire trend of the market remains range bound, near 22163—22092 bulls will try to move upside again whereas near 22465—22508 bears will try to drag nifty down.
•  Fresh trending direction is expected either below 22092 or above 22508. #NOTE: we are seeing massive range bound movement in index since last couple of days only good thing is higher top higher bottom formation is still intact, if bulls are alive and they wants to move towards 23500++ levels then ideally they should defend 22092 on closing basis this week and should try to give low probability close this Friday at or between 22465—22508 to intact it's higher top higher bottom formation, if we get this close then only we are good to go overnight with the current long position if we fail to get close then both bulls & bears have 50-50% for next week trading session so understand the importance of 22092 support to watch on closing basis for remaining days of this week.

Key stock updates 

🔸 NHPC 

 

The company started work on Jalaun Ultra Renewable Energy Power Park in Uttar Pradesh 

 

🔸 Sonata Software 

 

The company to Open Delivery Centre in Poland to Address the Growing Demands from Its Global Clients”. 

 

🔸 GAIL 

 

Hon'ble Union Minister, P&NG, dedicates 201 CNG stations across 17 states and India's first small-scale LNG unit in Madhya Pradesh 

 

🔸 ONGC 

 

The board approved an additional investment of Rs 99 crore in unit ONGC Green.  

 

🔸 Indian Hotels 

 

The company invested Rs 35 crore in its unit through the right issue.  

 

🔸 Bharat Forge 

 

The company had made an investment of Rs 179.9 crore in its unit, Bharat Forge Global Holding 

 

🔸 Havells India 

 

The company plans to add kitchen appliances to its portfolio, outsource the entire range of products and serve the domestic market.  

 

🔸 Bank of India 

 

The bank invests Rs 60.35 crore in the National Asset Reconstruction Company under preferential share issuance. The bank stake in NARCL will remain at 9% after the allotment of new shares 

 

🔸 Indiabulls Real Estate 

 

The company believes MIDC's order to vacate a 512.1-hectare plot in Nashik SEZ in a month is unlawful and is evaluating legal options to defend itself