Bank Nifty April Futures (47,710)

Bank Nifty index has come down sharply after opening the day with a wide gap-up. The index touched a high of 48,146 and has declined from there. It is currently trading at 47,748, up 0.37 per cent. The advance/decline ratio is at 10:2 and it is positive.

Bank Nifty index outlook

The resistance at 48,000 is holding very well. The Bank Nifty index has to get a sustained break above 48,000 to become bullish. Only in that case, a rise to 49,000-49,500 will come into the picture.

Support is around 47,600 which is holding very well for now. A decisive break below it can take the Bank Nifty index down to 47,200-47,000 in the coming sessions.

Bank Nifty Futures

The Bank Nifty April Futures (47,710) is up 0.28 per cent. The contract has come down after testing 48,000. Support is in the 47,600-47,500 region. A break below 47,500 will be bearish to see 47,100-47,000 on the downside.

On the other hand, the contract may have to breach 48,100 decisively to become bullish for a rise to 48,400 and higher.

Trade Strategy

The Bank Nifty April futures contract has equal chances to go on either side from current levels. So, we suggest traders to stay out of the market.

Supports: 47,500, 47,100

Resistances: 48,100, 48,400