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Bank Nifty began today’s session higher at 47,421.70 versus Monday’s close of 47,314.25. But it has now dropped and is hovering around yesterday’s closing level.
The bullish bias is substantiated by advance/decline ratio as it stands at 9/3. Bandhan Bank, up 1.75 per cent, is the top gainer whereas Axis Bank, down 0.3 per cent, is the top loser.
Broadly, the public sector banks are outperforming their private sector peers today. Consequently, Nifty PSU bank is up 0.4 per cent whereas Nifty Private bank is flat so far.
Bank Nifty futures
Bank Nifty futures (December expiry) opened today’s session with a gap-up at 47,574.80 as against yesterday’s close of 47,491.85. It is now trading around 47,500.
As it stands, the intraday trend appears uncertain. The contract is oscillating within 47,350 and 47,700. The direction of the break of this range will give us a clue on the next trend.
A breakout of 47,700 can lift Bank Nifty futures to 48,000 quickly. A rally past this level can take the contract to 48,200, a potential resistance.
On the other hand, if Bank Nifty futures slips below 47,350, it is likely to extend the downswing to 47,000, a support. Subsequent support is at 46,800.
Trading strategy
Stay on the sideline for now. Initiate trade along the direction of the break of the 47,350-47,700 range.
Supports: 47,350 and 47,000
Resistance: 47,700 and 48,000
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