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Bank Nifty opened today’s session slightly lower at 48,668 versus yesterday’s close of 48,769. But it moved up post the opening and is now at 48,800.
HDFC Bank, up 0.7 per cent, is the top gainer in the index whereas Bandhan Bank, down 0.6 per cent, is the top loser.
Broadly, the public sector banks have been outperforming their private peers so far today. Nifty PSU Bank is up 0.6 per cent whereas Nifty Private Bank is flat.
Bank Nifty futures
Bank Nifty futures (May contract) opened today’s session flat at 48,839. It is currently hovering around this level and the contract has not established an intraday trend yet.
The contract has a support at 48,700 and a resistance at 49,000. So, the next leg of trend will depend on which direction Bank Nifty futures move out of this price band.
A breakout of 49,000 can result in a quick rally to 49,500, a barrier. Subsequent resistance is at 50,000. On the other hand, a breach of the support at 48,700 can lead to a fall to 48,400, a support. Below this, Bank Nifty futures can find support at 48,000.
Trading strategy
Stay on the fence and take trade along the direction of the break of the 48,700-49,000 range.
Supports: 48,700 and 48,400
Resistance: 49,000 and 49,500
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