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Bank Nifty index has opened this week with a gap-up at 44,103 versus last Friday’s close of 43,938. It moved up a bit post-the open and is now hovering around 44,180.
Thus, after the first two hours of trade today, the index seems to be sustaining above the key 44,000 level. This increases the probability of further rally today.
Axis Bank, up by 2.1 per cent, is the top gainer whereas AU Small Finance Bank is the top loser, down by 2.3 per cent so far today. Private banks seem to be doing better in today’s session — the Nifty Private bank index is up by 0.7 per cent whereas the Nifty PSU bank index is flat.
- Also read: Stocks to watch today — June 5, 2023
Bank Nifty futures
The June expiry futures of Bank Nifty index opened at 44,242 versus last Friday’s close of 44,111. It is now trading at 44,365, up by 0.6 per cent.
From the current level, the nearest resistance can be spotted at 44,500, a minor one though. If the contract surpasses this level, it might extend the rally to 45,000 today.
On the other hand, if the contract declines from here, it can find support at the 44,000-44,150 price band and 43,700.
Trading strategy
Buy Bank Nifty futures at the current level of 44,365. Add more longs if the price dips to 44,000. Target and stop-loss can be at 43,750 and 45,000.
- Supports: 44,150 and 43,700.
- Resistance: 44,500 and 45,000.
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