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Bank Nifty began today’s session higher at 49,477 versus the previous session’s close of 49,424. The index is now at 49,550, up 0.2 per cent.
Supporting the bullish bias, the advance-decline ratio stands at 8:4. Bandhan Bank, up 1.6 per cent, is the top gainer in the index. IDFC First Bank, down 0.7 per cent, is the top loser.
Broadly, private banks are performing better than their public sector peers — Nifty Private Bank is up 0.3 per cent and Nifty PSU Bank is down 0.1 per cent.
Bank Nifty futures
Bank Nifty May futures began today’s session higher at 49,600 as against yesterday’s close of 49,550. It is currently trading near yesterday’s close.
The immediate potential barrier is at 50,000. A breach of this can lift the contract to 50,200 or even 50,500 in the forthcoming sessions.
If the contract falls from the current level, it can find support between 49,200 and 49,250. A break below this level can drag the contract to 49,000, a strong support.
Trading strategy
Traders can stay on the fence and buy Bank Nifty futures if it slips to 49,250. Place stop-loss at 48,900. When the contract touches 49,800, tighten the stop-loss to 49,500. Book profits at 50,000.
Supports: 49,200 and 49,000
Resistance: 50,000 and 50,200
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