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Nifty Bank index rose to 53,300 on Wednesday in line with our expectation. However, the index has come down today failing to sustain above 53,300. It is currently trading at 53,091, down 0.33 per cent. The advances/declines ratio is at 1:11. This is negative.
Intraday resistance is at 53,200. The index can fall to 52,800 and even 52,600 from here. However, after this fall, a reversal is possible. That in turn can take the Bank Nifty index up to 53,400 and higher again.
The outlook will turn bearish only if the index declines below 52,600. But that looks less likely.
The Bank Nifty December Futures (53,275) down 0.2 per cent. The resistance in the 53,500-53,600 is holding well. A fall to 53,000-52,900 looks likely during the day. But thereafter, a fresh rise can take the contract up to 53,500-53,600 again.
In case the contract breaks below 52,900, there can be an extended fall to 52,700 and then the rise can happen.
Go long on dips at 53,050 and 53,950. Keep the stop-loss at 52,750. Trail the stop-loss up to 53,100 as soon as the contract goes up to 53,180. Move the stop-loss further up to 53,280 when the contract touches 53,360. Exit the longs at 53,550.
Supports: 52,900, 52,700
Resistances: 53,600, 54,000
Published on December 5, 2024
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