Comments
Bank Nifty futures (45,840)
Bank Nifty began today’s session higher at 45,891 versus yesterday’s close of 45,825. It has then declined and is now hovering around 45,640, down 0.4 per cent.
Giving the index a bearish bias, the advance/decline ratio of the index stands at 1/11. ICICI Bank, up 0.4 per cent, is the only gainer. Bank of Baroda, down 2.9 per cent, is the biggest loser so far today.
Nifty PSU Bank is down 0.25 per cent whereas Nifty Private Bank is down by a marginal 0.1 per cent.
Bank Nifty futures
Bank Nifty futures (February expiry) began today’s session lower at 45,959 as against yesterday’s close of 46,040. It is now trading around 45,840, down 0.4 per cent.
As the contract has slipped below the support at 46,000, the likelihood of further fall is high. Bank Nifty futures could see a dip to 45,000, its nearest support. Note that 45,400 is a minor support.
In case Bank Nifty futures recover from the current level, it will face resistance at 46,300 and 46,800.
Trading strategy
Short Bank Nifty futures now at 45,840. Add short if the contract rises to 46,000. Place stop-loss at 46,500.
When the contract drops below 45,400, revise the stop-loss to 46,000. Exit at 45,000.
Supports: 45,400 and 45,000
Resistances: 46,300 and 46,800
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.