Bank Nifty opened today’s session higher at 47,818.50 compared to Tuesday’s close of 47,724.85. The index is now hovering around 47,970, up 0.5 per cent.
All the 12 stocks in the index have gained in the first hour of trade, showing good buying interest from the participants so far today.
Bank of Baroda and Punjab National Bank are the top gainers, appreciating 3 and 1.8 per cent respectively.
The public sector banks are outperforming their private peers today. Thus, the Nifty PSU Bank index is up 1.2 per cent, whereas the Nifty Private Bank index is up 0.5 per cent.
Bank Nifty futures
Bank Nifty futures (December expiry) opened today’s session with a gap-up at 47,904.75 versus yesterday’s close of 47,825.45. It is now trading at 48,000, up 0.4 per cent.
The contract will most likely touch 48,300 today. A breach of this can lead to the rally extending to 48,500.
On the other hand, if there is a decline, Bank Nifty futures can find support at 47,800. Below this level is another support at 47,500.
Trading strategy
Buy Bank Nifty futures now at 48,000 and add longs in case the price dips to 47,850. Place stop-loss at 47,750. Book profits at 48,300.
Supports: 47,850 and 47,500
Resistance: 48,300 and 48,500