Bank Nifty prediction today—April 18, 2024: Go long on a break above 47,850

Bank Nifty futures (47,825)

Bank Nifty began today’s session higher at 47,593 versus yesterday’s close of 47,485. It is now hovering around 47,680, up 0.4 per cent.

Notably, the advance/decline ratio of Bank Nifty stands at 11/1. Bank of Baroda, up 2.6 per cent, is the top gainer followed by Punjab National Bank, up 2.3 per cent. Axis Bank, down 1 per cent, is the only stock in the index that is down.

The public sector banks are broadly outperforming their private peers. Nifty PSU Bank has gained 1.1 per cent whereas Nifty Private Bank is up 0.3 per cent.

Bank Nifty futures

Bank Nifty April futures began today’s session higher at 47,750 against yesterday’s close of 47,661. It is now trading around 47,825, up 0.3 per cent.

Yesterday, Bank Nifty futures rebounded on the back of the 50-day moving average support at 47,500. But the contract is now facing a hurdle at 47,850.

Also read: Nifty prediction today—April 18, 2024: Index testing a support

If Bank Nifty futures surpasses 47,850, it can see a rally to 48,320, a resistance. Subsequent resistance is at 48,650.

On the other hand, if the contract falls from the current level of 47,825, it will find support at 47,500. A breach of this level can trigger a fall to 46,680.

Trading strategy

Go long on Bank Nifty futures if it goes above 47,850. For intraday, target and stop-loss can be at 48,320 and 47,650, respectively.

Supports: 47,500 and 46,680

Resistances: 47,850 and 48,320

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