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Bank Nifty 50 June Futures (44,530)
Bank Nifty Index has been moving up gradually today since its opening. The index at 44,427 is up 0.34 per cent as of now. The outcome of the Reserve Bank of India’s monetary policy has not created much volatility. Indeed, the index has been sustaining higher and broadly stable after the central bank’s meeting outcome.
Overall, the outlook is positive. Intraday resistance is at 44,460. A break above it can take the Nifty Bank index up to 44,500 and higher in the coming sessions.
Index Outlook: Uptrend likely to resume in Nifty 50, Sensex
The advance/decline ratio at 10:2 indicates positive sentiment in the market.
Bank Nifty Futures
The Bank Nifty June Futures (44,530) is up 0.28 per cent. There is resistance at current levels. A strong follow-through rise from here can take the contract up to 44,900-45,000 in the coming days.
Also read: Nifty prediction for today – June 8, 2023: Go long now and at 18,805
Support is at 44,470. The contract will come under pressure for the day only if it breaks below this support. Such a break can take it down to 44,400 and lower.
Trade Strategy
Traders can wait for dips and go long at 44,505 and 44,485. Keep the stop-loss at 44,455. Trail the stop-loss up to 44,520 as soon as the contract moves up to 44,545. Move the stop-loss further up to 44,560 when the contract touches 44,575. Exit the long positions at 44,590.
Supports: 44,470, 44,400
Resistances: 44,530, 44,600
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