Bank Nifty April Futures (48,642)

Bank Nifty index is trading flat. The index rose to an intraday high of 48,629 in early trade and then has come down from there. It is currently trading at 48,520, up 0.05 per cent. The advance/decline ratio is at 7:5. This is positive at the moment. But if the ratio reverses in favour of the declines, then that could be negative for the Bank Nifty index. So, we will have to wait and watch closely the movement during the day.

Bank Nifty index outlook

Support for the index is at 48,300. Below that 48,000 will be the strong support for this week. An intraday dip to 48,300 cannot be ruled out. However, we expect the index to reverse higher again from around 48,300. That reversal can take the Bank Nifty index up to 49,000 and 49,500 in the coming sessions.

The Bank Nifty index has to decline below 48,000 to become negative. That looks less likely at the moment.

Bank Nifty Futures

The Bank Nifty April Futures (48,642) is down marginally by 0.03 per cent. The intraday outlook is mixed. Resistance is around 48,850. Support is at a much lower from current levels at 48,300. So, if the contract declines below 48,580, it can see a steep fall to 48,300. On the other hand, a strong break above 48,850 might be needed to boost the bullish momentum and take the contract further higher.

Broadly, we are looking for a wide range of 48,300 to 48,850 for now. We expect the Bank Nifty Futures contract oscillate within this range.

Trade Strategy

Considering the risk/reward ratio and the uncertainty about the direction of move, we suggest traders to stay out of the market.

Supports: 48,580, 48,300

Resistances: 48,850, 49,000