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Bank Nifty December Futures (47,200)
Bank Nifty index is trading lower. The index is down 0.3 per cent and is trading at 46,950 now. The advance/decline ratio is at 8:4. This give a positive signal. However, the on the charts the picture is looking weak for the day.
Outlook
The fall below 47,200 has turned the intraday charts weak. Resistance will now be in the 47,100-47,200 region. As long as the index trades below this resistance zone, the outlook will remain negative. The Bank Nifty index can fall to 46,800-46,750 during the day. A break below 46,750 can drag it down to 46,500 by today itself or tomorrow.
Bank Nifty Futures
The Bank Nifty December Futures (47,200) is down 0.25 per cent. Outlook is negative. Resistances are at 47,280 and 47,360. The contract can fall to 46,950-46,800 and even lower in the coming sessions.
A strong rise above 47,400 might be needed to ease the downside pressure and bring back the bullishness. In that case, a rise back to 47,600 and higher levels can be seen.
Trade Strategy
Traders can go short now. Accumulate on a rise at 47,260. Keep the stop-loss at 47,340. Trail the stop-loss down to 46,950 when the contract falls to 46,880. Move the stop-loss further down to 46,870 when the contract touches 46,830. Exit the short positions at 46,800.
Supports: 46,800, 46,700
Resistances: 47,280, 47,360
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