Bank Nifty opened today’s session with a gap down at 43,543.25 versus Thursday’s close of 43,683.60. But it has recovered and is now hovering around 43,650. Thus, it is almost flat after the initial hour of trade.
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The breadth of the index is showing some bearish bias as the advance/decline ratio stands at 5/7. ICICI Bank, up 0.3 per cent, is the top gainer whereas AU Small Finance Bank, down 0.7 per cent, is the top loser.
Nifty PSU Bank and Nifty Private Bank indices are down 0.1 per cent each.
Bank Nifty futures
Bank Nifty futures (November expiry) opened today’s session lower at 43,741.20 versus yesterday’s close of 43,916.60. It is currently trading at around 43,830, down 0.2 per cent.
Although the contract made a low of 43,355.55 in the very first minute of today’s session, it appears to be a freak trade. Bank Nifty futures immediately bounced and is now back to the range of 43,750-44,000.
- Also read: Nifty Prediction for November 10, 2023: Bearish outlook, consider short positions on rallies
At the moment, the price action is not lending us any clue about the direction of the next leg of trend.
If Bank Nifty futures break out of 43,750, it can rally to 44,000. A breach of this level can lift the contract to 44,300.
On the other hand, if the contract falls below 43,750, it could decline to 43,600. Support below this level is at 43,480.
Bank Nifty futures remains to trade within the 43,750-44,000 range. So, stay out for now.
Consider initiating fresh positions along the direction of the break of the above-mentioned range.
Supports: 43,750 and 43,600
Resistance: 44,000 and 44,300