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Bank Nifty opened higher today at 47,939.90 versus yesterday’s close of 47,732.30. But it moderated and is now hovering around yesterday’s closing level.
Within the index, 7 stocks have gained whereas 5 have lost so far today. Bandhan Bank, up 4.6 per cent is the top gainer whereas Axis Bank, down 0.7 per cent, is the top loser.
The private sector banks are outperforming their public sector peers. Hence, Nifty Private bank is up 0.15 per cent whereas Nifty PSU bank is down 0.4 per cent.
Bank Nifty futures
Bank Nifty futures (December expiry) opened today’s session higher at 48,249.70 as against Thursday’s close of 48,029.60. It is now trading around 47,860, down 0.35 per cent.
The trend remains bullish but there is a chance for the contract to dip to 47,680 before beginning the next leg of uptrend. In such a case, the price could go up to 48,500.
On the other hand, if Bank Nifty futures falls below 47,680, the corrective decline could extend to 47,200 or to 47,000. A fall below 47,000 is less likely.
Trading strategy
Buy Bank Nifty futures now at 47,860 and add longs in case the price softens to 47,700. Target and stop-loss can be at 48,400 and 47,450 respectively.
Supports: 47,680 and 47,200
Resistance: 48,200 and 48,500
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