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Bank Nifty February futures (45,615)
The Bank Nifty index is currently trading at 45,330, down 0.25 per cent.
The rise to 46,000 mentioned yesterday does not seems to be happening as the index is facing resistance around 45,650. The advances/ declines ratio is at 5:6. This could keep the bias negative for the day.
Outlook
A sustained rise above 45,650 will take the Bank Nifty index up to 46,000. Support is around 45,200. A break below it can drag the index down to 44,500 in the coming sessions.
Bank Nifty futures
The Bank Nifty February futures (45,615) is down 0.25 per cent. Intraday support is in the 45,470-45,450 region. Resistance is around 46,000. The contract can oscillate between 45,450 and 46,000 for some time.
A break below 45,450 will be bearish to see 45,000 and even 44,400 on the downside. On the other hand, a strong rise above 46,000 will be needed to gain bullish momentum. Only in that case will a rise to 46,500-46,600 come into the picture.
Trade Strategy
Traders can go short on a break below 45,450. Keep the stop-loss at 45,550. Trail the stop-loss down to 45,390 as soon as the contract falls to 45,360. Move the stop-loss further down to 45,320 when the contract touches 45,290. Exit the shorts at 45,250.
Supports: 45,450, 45,000
Resistances: 46,000, 46,500
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