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Bank Nifty 50 June Futures (44,228):
Bank Nifty index is trading low. The index is currently at 44,081.75, down 0.11 per cent. But the advance/decline ratio is in favour of the bulls. The ratio is currently 8:4. The index is dragged down mainly by the fall in Kotak Mahindra Bank. The stock is down 3.75 per cent.
Outlook
Support for the Bank Nifty index is at 44,050 and 44,000. As long as the contract trades above this support zone, the bias is bullish. A rise to 44,250-44,300 is possible.
The contract will come under pressure only if it declines below 44,000 decisively. In that case a steep fall to 43,900-43,800 can be seen.
Also read: Nifty prediction today – June 1, 2023: Go short now and at 18,655
Our preference is to see the Nifty Bank index to sustain above 44,000 and rise to 44,250-44,300.
Nifty Bank Futures
The Nifty Bank June Futures (44,228) is flat now. It has supports at 44,160 and 44,070. We expect the downside to be limited to 44,070.
Resistance is around 44,300. A strong break above this hurdle is needed to move further up to 44,400-44,500.
Trade Strategy
Go long only on a break above 44,300. Keep the stop-loss at 44,270. Trail the stop-loss up to 44,320 as soon as the contract moves up to 44,345. Move the stop-loss further up to 44,360 when the contract touches 44,375. Exit the long positions at 44,390.
Supports: 44,160, 44,070
Resistances: 44,300, 44,500
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