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Bank Nifty July Futures (45,215)
Bank Nifty index is trading higher. It is currently trading at 44,990, up 0.34 per cent. The advance/decline ratio at 10:2 indicates broader strength in the index.
Among the stocks in the index, Bank of Baroda has surged 2.93 per cent and Punjab National Bank is up about two per cent. HDFC Bank, down 0.21 per cent is the under performer within the index.
Outlook
Intraday resistance is in the 45,100-45,130 region. A strong break above 45,130 can take the Bank Nifty index up to 45,500 and 45,650.
Support is around 44,780. The index will come under pressure for a fall to 44,700 and lower only if it breaks below 44,780.
Bank Nifty Futures
The Bank Nifty August Futures (45,215) is up 0.54 per cent. Intraday resistance is at 44,250. A strong break above it can boost the bullish momentum. Such a break can take the Bank Nifty August Futures up to 45,500 in the coming sessions..
Support is around 44,900. The contract will come under pressure for a fall to 44,800-44,700 if it declines below this support.
Trade Strategy
Traders can go long on a break above 45,250. Keep the stop-loss at 45,180. Trail the stop-loss up to 45,290 when the contract moves up to 45,330. Move the stop-loss further up to 45,370 when the contract touches 45,420 on the upside. Exit the long positions at 45,480.
Supports: 45,000, 44,900
Resistance: 45,250, 45,500
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