Bank Nifty prediction today – March 01, 2024: Resistance ahead. Go long only on a break above it

Bank Nifty March futures (46,874)

Bank Nifty is trading higher. The index is currently trading at 46,610, up 1.06 per cent. The advance/decline ratio is at 12:0. That is a very positive sign. ICICI Bank, IndusInd Bank and State Bank of India (SBI) stocks are up over a per cent each.

Bank Nifty outlook

The Bank Nifty (46,610) has an important intraday resistance at 46,650. Whether the index is breaking above this support or not will determine the next leg of move.

A break above 46,650 will take the Bank Nifty index up to 47,000-47,100. On the other hand, a pull back from around 46,650 can drag the index down to 46,300.

The price action around 46,650 will need a close watch today.

• Also read: Nifty prediction today – March 1, 2024: Index testing a resistance, buy after breakout

Bank Nifty futures outlook

Bank Nifty March futures (46,874) are up 0.7 per cent.  There is resistance around 47,100. The contract has to breach this resistance in order to move up further during the day. A break above 47,100 can take the Bank Nifty March futures contract up to 47,500-47,700 in the coming sessions.

On the other hand, a turn-around from 47,100 will be negative. In that case, the contract can fall back to 46,000.

Trading strategy

Go long only on a break above 47,100. Keep a stop-loss at 46,900. Trail the stop-loss up to 47,250 as soon as the contract moves up to 47,450. Move the stop-loss further up to 47,500 when the contract touches 47,600. Exit the longs at 47,700

Supports: 46,600, 46,000

Resistances: 47,100, 47,700

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