Bank Nifty Prediction Today – April 22, 2024: Outlook is unclear. Stay out of the market

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.

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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

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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