Bank Nifty futures (48,350)
Bank Nifty began today’s session lower at 48,109.95 versus yesterday’s close of 48,158.30. But the index has now recovered to 48,200, up 0.1 per cent.
All the 12 stocks in Bank Nifty are in the green, showing strong bullish momentum. Union Bank of India, up 4.4 per cent, and Bank of India, up 3.8 per cent, are the top gainers.
Nifty PSU bank is the top gaining sector index so far today, advancing 1 per cent. Nifty Private bank is flat as of now.
Bank Nifty futures
Bank Nifty futures (January expiry) opened today’s session lower at 48,255.35, compared to yesterday’s close of 48,306.25. The contract is now hovering around 48,350, up 0.15 per cent.
The price action shows that the bulls carry good momentum. Bank Nifty futures is likely to rally further. While 48,500 is the nearest hurdle, the contract can surpass this level and move up to 48,800.
On the other hand, if the contract falls from the current level, it can find support at 48,150. Below this, 48,000 is a good support. A fall below 48,000 is unlikely today.
Trading strategy
Buy Bank Nifty futures now at 48,350. Accumulate at 48,150. Place stop-loss at 47,900. When the contract surpasses 48,500, tighten the stop-loss to 48,350. Book profits at 48,800.
Supports: 48,150 and 48,000
Resistance: 48,500 and 48,800