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Bank Nifty index has been struggling to break above 52,000 in a sustained manner this week. The bounce back from last week’s low of 50,438 is perhaps not strong enough. The index is currently trading at 51,570, up 0.14 per cent. The advance-decline ratio is at 3:9, leaving a negative bias and the threat of a sharp intraday fall.
Immediate outlook is mixed. Bank Nifty (50,438) index has support at 51,200 and resistance around 52,000. A breakout on either side will determine the next move.
A break above 52,000 can take the index up to 52,300-52,400. On the other hand, a fall below 51,200 can drag the Bank Nifty index down to 50,800 and even 50,400.
The Bank Nifty July futures (51,590) is up 0.14 per cent. The immediate outlook is not clear. Support is around 51,350. A break below it can take the contract down to 51,200 initially. A further break below 51,200 will see the fall extending to 51,000 and even 50,600 in the coming sessions.
The region between 51,800 and 52,000 is a strong resistance. The Bank Nifty July futures contract has to breach 52,000 to become bullish. Only then will the doors open for a rise to 52,400 and 52,800.
Traders can stay out of the market. Wait for clarity on the direction of the index’s move.
Supports: 51,350, 51,200
Resistances: 51,800, 52,000
Published on July 31, 2024
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