Bank Nifty May Futures (48,420)
Bank Nifty index has been volatile so far today. The index opened with a wide gap-down, but then had risen back recovering all the loss. However, the rise did not sustain and the index has come down again from its intraday high of 48,348. It is currently trading at 48,126, down 0.12 per cent.
Bank Nifty index outlook
The resistance at 48,330 is holding very well. Intermediate support is at 47,980. Below that 47,700 is the next lower support. For now, we can expect 47,700-48,330 to be the trading range. A breakout on either side of this range will decide the next move.
A decisive break above the resistance at 48,330 can take the index up to 48,550.
On the other hand, a break below 47,700 will be bearish for a fall to 47,200.
Bank Nifty Futures
The Bank Nifty May Futures (48,420) has come down from the high of 48,527. It has supports at 48,250 and then at 48,100. The first support at 48,250 is holding well for now. If the contract manages to sustain above this support, a rise to 48,650-48,700 can be seen during the day.
The outlook will turn bearish only if the contract breaks below 48,100. Such a break can take the contract down to 47,900 and even lower.
Trade Strategy
Traders can stay out of the market today.
Supports: 48,250, 48,100
Resistances: 48,650, 48,900