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Bank Nifty index has opened this week with a considerable gap-up at 44,276 versus last Friday’s close of 44,018. After marking a record high of 44,459, the index is now trading at 44,430, up by nearly 1 per cent. So far, Bank Nifty outperformed Nifty 50 (up by 0.6 per cent) today.
Given the current upward momentum and that the index has seen a fresh breakout, Bank Nifty will likely scale further heights.
Interestingly, barring IDFC First Bank, all other 11 banks in the index have seen their prices go up. IndusInd Bank and HDFC Bank are the top gainers, up by 2 and 1.5 per cent, respectively.
Also read: Nifty prediction today – May 29, 2023: Bulls in the driving seat
Private banks seem to be doing better so far today – the Nifty Private bank index is up by 0.8 per cent while the Nifty PSU bank index has gained nearly 0.6 per cent.
Bank Nifty futures
The June expiry futures of the Bank Nifty index opened at 44,225 versus last Friday’s close of 44,068. It is now trading at 44,470, up by 0.9 per cent.
Also read: Sensex, Nifty open higher on US debt ceiling deal
The prevailing price hints at more rally from the current level. The nearest resistance levels can be seen at 44,800 and 45,000. On the other hand, the contract has support at 44,200 and 44,000.
Trading strategy
Buy Bank Nifty futures at the current level of 44,470. Add more longs if the price dips to 44,300. Target and stop-loss can be at 44,780 and 44,180.
Supports: 44,200 and 44,000
Resistance: 44,800 and 45,000
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