Bank Nifty opened today’s session slightly higher at 48,811, as against yesterday’s close of 48,582. The index inched up post the open and is now at 48,920, up 0.7 per cent.

All 12 stocks in the index are in the green, giving a strong bullish signal. Federal Bank and ICICI Bank are the top gainers, advancing 2.2 and 1.3 per cent, respectively.

Broadly, the private banks have outperformed their public sector peers so far today. Nifty Private Bank is up 0.8 per cent, whereas Nifty PSU Bank has gained 0.6 per cent.

Bank Nifty futures

Bank Nifty April futures began today’s session higher at 48,857, as against yesterday’s close of 48,691. It is now hovering around 49,000, up nearly 0.7 per cent.

The chart appears bullish, and the probability of the rally extending is high. The contract is likely to rally to 49,500. Given the current momentum, the upswing could go up to 50,000.

On the other hand, if Bank Nifty futures decline from the current level, it could find support at 48,650. Immediately below this is a support at 48,500, where a trendline support coincides.

Overall, the trend is bullish and the likelihood of Bank Nifty futures falling below 48,500 is low.

Trading strategy                          

Buy Bank Nifty futures now at 49,000 and add longs if the price falls to 48,700. Place initial stop-loss at 48,300.

When the contract rallies past 49,500, raise the stop-loss to 48,900. Book profits at 50,000.

Supports: 48,650 and 48,500

Resistance: 49,500 and 50,000