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Bank Nifty began today’s session higher at 47,576.40, compared to Friday’s close of 47,491.85. The index is now trading at around 47,610, up 0.25 per cent.
The advances/ declines ratio of the Bank Nifty, now at 10/2, shows a bullish inclination. Bandhan Bank, up 0.8 per cent, is the top gainer and ICICI Bank, down 0.2 per cent, is the top loser.
Broadly, the public sector banks are doing better when compared with their private peers. Thus, the Nifty PSU bank index is up 0.3 per cent, whereas the Nifty Private bank index is up 0.1 per cent.
Bank Nifty futures
Bank Nifty futures (December expiry) opened today’s session marginally higher at 47,596.60 versus last week’s close of 47,575.60. It is now hovering around 47,800.
The current level of 47,800 is a resistance. If this is breached, Bank Nifty futures can rally to 48,300. A break-out of this can lead to a rally to 48,500.
On the other hand, if there is a decline from the current level, Bank Nifty futures can decline to 47,500 or even to 47,200.
Trading strategy
Since the intraday trend is uncertain, stay out. Go long on Bank Nifty futures, if it breaks out of 47,800. Target and stop-loss can be 48,300 and 47,550 respectively.
Supports: 47,500 and 47,200
Resistance: 47,800 and 48,300
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