Bank Nifty prediction today – August 3, 2023: Trading at crucial base

Bank Nifty index opened today’s session with a gap-down at 44,863 versus yesterday’s close of 44,995. It is currently trading at around 44,925, down by 0.15 per cent so far.

The bearish inclination is substantiated by the advance/decline ratio of the index, which stands at 4/8. AU Small Finance Bank is the top gainer, up by 0.36 per cent whereas ICICI Bank, down by 0.7 per cent, is the weakest stock in the index so far today.

Nifty PSU Bank is up 0.3 per cent; Nifty Private Bank is trading flat.

Bank Nifty futures

The August expiry futures of Bank Nifty opened the day lower at 45,000 versus yesterday’s close of 45,123. It is currently trading at around 45,100.

The contract has rebounded from the support band of 44,900-45,000. But there is a resistance ahead at 45,300. Bank Nifty futures should rally past 45,300 to establish a sustainable rally. In such a case, it can move up to 45,500 and 45,800.

On the other hand, if the contract falls below 44,900, we might see another leg of downtrend to 44,350, a support. Subsequent support is at 44,000.

Trading strategy

Although the trend is bearish, Bank Nifty futures has a support at 44,900-45,000. Also, at the other end, there is a barrier at 45,300. So, we suggest staying out at this juncture.

Fresh traders can be considered along the direction of the break of 44,900-45,300 range.

Supports: 44,900 and 44,350

Resistance: 45,300 and 45,500

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