Bank Nifty January futures (48,572)
Bank Nifty index is trading lower. The index is trading at 48,238, down 0.56 per cent. The advance/decline ratio is at 2:10. This indicated the broader weakness in the index.
Outlook
The index has declined below the intermediate support level of 48,380. This has now opened the doors for the Bank Nifty index to fall further towards 48,100-48,000 and even lower in the coming sessions. The price action thereafter will need a very close watch to see if the index is bouncing back or not.
Bank Nifty futures
Bank Nifty futures (48,572) January contract is down 0.55 per cent. The intraday outlook is mixed. There are equal chances for the contract to either go up to 48,800 or fall to 48,450-48,350 from here. Broadly, 48,350-48,800 can be the trading range for some time. A breakout on either side of this range will determine the next leg of move.
Trade strategy
Since the market is range bound and unclear, we suggest traders stay out of the market today. See how the market closes for the week and year today. Trades can be taken accordingly next week.
Supports: 48,450, 48,350
Resistances: 48,650, 48,800