Bank Nifty prediction today — March 28, 2024: Bullish. Go long, accumulate on dips

Bank Nifty index has risen sharply, trading higher and strong at 47,190, up 0.86 per cent. The advance-decline ratio is 8:3, which favours the bulls. If this trend continues, then the index can move even higher during the day.

Bank Nifty index outlook

The outlook is bullish. The Bank Nifty index has risen well, breaking above the 47,000-47,100 resistance zone. This region will now act as a strong support. So long as the index stays above 47,000, the outlook will remain positive. Bank Nifty index can rise to 47,200 initially. A further break above 47,200 will take the index up to 47,500-47,600.

The outlook will turn negative only if the index declines below 47,000. It could then fall to 46,600-46,500.

Bank Nifty Futures outlook

The Bank Nifty (April) Futures contract has surged 1.9 per cent today. It is currently trading at 47,683. It has good support at 47,300. Above that, 47,500 will be a good intermediate intraday support.

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A rise to 47,950-48,000 looks possible during the day. A decisive break above 48,000 can take the contract further up to 48,200.

A break below 47,300 is needed to become bearish for a fall to 47,000 and lower.

Trade strategy

Traders with high-risk appetite can go long now at 47,683. Accumulate on dips at 47,580. Keep a stop-loss at 47,440. Trail the stop-loss up to 47,710 as soon as the contract moves up to 47,760. Move the stop-loss further up to 47,820 when the contract touches 47,880. Exit the longs at 47,950.

Supports: 47,500, 47,300

Resistances: 48,000, 48,200

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