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Bank Nifty September Futures (51,315)
Bank Nifty index is getting good support around 50,950. But at the same time, the index is not getting strong buyers to take it above 51,400 decisively. The index has been in a range of 50,950 and 51,420 over the last couple of days. Within this range, it is currently trading at 51,150, up 0.28 per cent. The advances/declines ratio is at 9:3.
- Also read: Nifty Prediction Today – September 12, 2024: Range bound and unclear. Stay out of the market.
Bank Nifty outlook
The immediate outlook is unclear. A breakout on either side of 50,950 or 51,420 will determine the next move.
A break below 50,950 will be bearish to see a fall to 50,800 first. A break below 50,800 can then drag it down to 50,500
A decisive break above 51,420 is needed to gain bullish momentum. Such a break can take the Bank Nifty index up to 51,600 and 51,800.
Bank Nifty Futures
The Bank Nifty September Futures (51,315) are up 0.37 per cent. The contract has been range bound between 51,000 and 51,520. We will have to wait for a breakout of this range to get a cue on the next direction of move.
A break below 51,000 will be bearish for a fall to 50,700-50,600. On the other hand, the outlook will become bullish if the contract breaks above 51,520. Such a break can take the Bank Nifty September Futures contract up to 51,800-51,850.
Trade Strategy
Traders can stay out of the market. Wait for the range breakout and then take trades accordingly.
Support: 51,200, 51,000
Resistances: 51,450, 51,520
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