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Bank Nifty began today’s session with a gap-up at 52,872 versus yesterday’s close of 52,168. It advanced further and is now trading around 53,200, up 2 per cent.
Supporting the bullish inclination, all 12 stocks in Bank Nifty are in the green. Federal Bank and HDFC Bank are the leaders, gaining 4.6 and 3.2 per cent respectively.
Private banks are outperforming their public sector peers significantly. Nifty Private Bank has gained 2.1 per cent whereas Nifty PSU Bank has advanced 0.7 per cent.
Bank Nifty futures
Bank Nifty futures (July contract) opened today’s session higher at 52,855 versus yesterday’s close of 52,369. It is now hovering around 53,150, up 1.5 per cent.
The price action is bullish. There is a confirmed bull flag pattern on the hourly chart, increasing the odds for further appreciation from here.
Bank Nifty futures has the potential to touch 54,500 soon. On the other hand, if there is a decline from the current level, it can find support at 52,300. A fall below this level today is less likely.
Trading strategy
Buy Bank Nifty futures now at 53,150 and add longs if the price dips to 52,700. Place stop-loss at 52,300. When the contract touches 53,800, raise the stop-loss to 53,400. Exit at 54,200.
Supports: 52,300 and 52,000
Resistance: 54,500 and 55,000
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