Bank Nifty futures (48,240)
Bank Nifty opened today’s session slightly higher at 48,105 as against yesterday’s close of 48,061. The index inched up post the open and is now at 48,170, up 0.2 per cent.
The advance/decline ratio stands at 9/3, giving the index a bullish inclination. AU Small Finance Bank, up 1.8 per cent, is the top gainer whereas Axis Bank, down 1 per cent, is the top loser.
Broadly, the public sector banks are outperforming their private peers so far today. Nifty PSU Bank has advanced 0.9 per cent whereas Nifty Private Bank is up by a marginal 0.1 per cent.
Bank Nifty futures
Bank Nifty April futures began today’s session almost flat at 48,170 versus yesterday’s close of 48,199. It is currently trading at 48,240, up 0.1 per cent.
The contract staying above 48,000 is a positive sign. However, there is a resistance at 48,320. If Bank Nifty futures can break out of this price level, it can rally to 48,600.
On the other hand, if the contract falls back below 48,000, the downswing could extend to 47,750 and even then, possibly to 47,500.
Trading strategy
Stay on the fence. Go long on Bank Nifty futures if it breaks out of 48,320. Place initial stop-loss at 48,200. Exit the trade at 48,600.
Supports: 47,750 and 47,500
Resistance: 48,320 and 48,600
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.