Bank Nifty is trading marginally higher. The index is currently at 43,945, up 0.2 per cent. The advance: decline ratio is at 5:7, indicating weakness.
Crucial resistance is at 44,000. The Bank Nifty index has to surpass this hurdle to gain further momentum. Only in that case, an extended rise to 44,200-44,300 will come into the picture. Support is in the 43,850-43,800 region.
The index will come under pressure only on a break below 43,800. Such a break can take it down to 43,650-43,600.
Bank Nifty Futures
The Bank Nifty June Futures (43,983) is up about 0.1 per cent. Immediate resistance is at 44,030. A strong break above it can boost the bullish momentum. Such a break can take the Bank Nifty June Futures contract up to 44,200-44,250.
Support is at 43,940. A break below it can drag the contract down to 43,800.
Traders can go long only on a break above 44,030. Keep the stop-loss at 43,980.
Trail the stop-loss up to 44,060 as soon as the contract moves up to 44,090. Move the stop-loss further up to 44,130 when the contract touches 44,160. Exit the longs at 44,180.
- Supports: 43,940, 43,900.
- Resistances: 44,030, 44,200.