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Bank Nifty futures (45,130)
Bank Nifty opened today’s session with a gap-up at 44,580.15 versus 44,481.75. It is now at 44,910, up 1 per cent.
Supporting the strong bullish inclination, all the stocks in the index have rallied. Punjab National Bank, up 4.5 per cent, and Bank of Baroda, up 3.2 per cent, are the top performers in the index.
As indicated by this, the public sector banks are outperforming their private peers so far. Nifty PSU bank index is up 2.7 per cent whereas Nifty Private bank index is up 0.9 per cent.
Bank Nifty futures
Bank Nifty futures (December expiry) opened today’s session with a gap-up at 44,522.35 versus Thursday’s close of 44,732.30. It is now hovering around 45,130, up 0.9 per cent.
The chart indicates considerable positive bias and so, we expect the contract to advance further. The immediate resistance can be seen at 45,500. Subsequent barriers are at 45,800 and 46,000.
On the other hand, if Bank Nifty futures see a dip, it can find support at 45,000. Below this, there is a good support at 44,800. A fall below this level is not likely today.
Trading strategy
Buy Bank Nifty futures now at 45,130. Add longs if the price drops to 45,000. Target and stop-loss can be at 45,500 and 44,800 respectively.
Supports: 45,000 and 44,800
Resistance: 45,500 and 45,800
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