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Bank Nifty index began today’s session slightly higher at 44,065 versus yesterday’s close at 43,993. After marking a high of 44,151, the index has fallen to 43,990 — that is, it is hovering near yesterday’s closing level. Thus, the sideways range continues.
That said, the advance/decline ratio of Bank Nifty is showing positive bias at 8/4. Federal Bank, up by 1 per cent, is the top gainer whereas IndusInd Bank is the top loser, falling nearly 0.5 per cent so far today.
While Nifty PSU Bank index has advanced 0.4 per cent, Nifty Private Bank index is trading flat.
Bank Nifty futures
Despite the underlying Bank Nifty index opening with a gap-up, the August futures of the index began the session a little lower at 44,077 versus Tuesday’s close of 44,088. It is now trading at 44,050.
As it stands, the range of 43,870-44,360 holds true and the next leg of the trend remains uncertain.
Also read
If the contract surpasses the resistance at 44,360, it can witness a rally towards the supply zone of 44,900-45,000. On the other hand, if Bank Nifty futures fall below the support at 43,870, it can open the door for a fall to 43,000.
Trading strategy
Since the trend is unclear, we recommend staying out of the market for now. Fresh trades may be based on the direction of the break beyond the 43,870-44,360 range.
Supports: 43,870 and 43,500
Resistance: 44,360 and 44,900
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