Bank Nifty 50 June futures (44,207)

The Bank Nifty index is up 0.26 per cent at 44,056. The index has bounced back well after falling on Monday. The advances/ declines ratio at 9:3 leaves the bias positive. Among individual stocks in the index, Bandhan Bank and IDFC First Bank are up over 2 per cent each.


The support at 43,900 has held well in line with our expectation. The index has risen well after making a low of 43,889 in early trades. An important resistance at 44,200 can be tested during the day. A break above 44,200 will then boost the momentum and take the index up to 44,400. Failure to breach 44,200 can keep the index in the range of 43,900-44,200.

Bank Nifty futures

The Bank Nifty June Futures (44,207) is up 0.24 per cent. Support in the 44,050-44,000 region has held well. This keeps our overall bullish view intact. Intraday support is at 44,150. As long as the contract trades above this support, the chances for it to rise further during the day are high. The Nifty Bank June futures contract can rise to 44,300 and 44,400 in the coming sessions.

The contract has to fall below 44,000 to turn the outlook bearish. But that looks less likely at the moment.

Trade strategy

Traders can go long now and accumulate on dips at 44,160. Keep the stop-loss at 44,130. Trail the stop-loss up to 44,235 as soon as the contract moves up to 44,260. Move the stop-loss further up to 44,270 when the contract touches 44,295. Exit the long positions at 44,320.

Supports: 44,150, 44,050

Resistances: 44,300, 44,400