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Bank Nifty opened today’s session 43,452.75 versus Wednesday’s close of 43,449.60. It is now at 43,580, up 0.3 per cent. The market breadth also paints a bullish picture – the advance/decline ratio of the index stands at 10/2.
IndusInd Bank, up 1.4 per cent, is the top gainer whereas ICICI Bank, down 0.2 per cent, is the top loser.
Both Nifty Private bank and Nifty PSU bank index are up 0.3 per cent each.
Bank Nifty futures
Bank Nifty futures (November expiry) opened today’s session higher at 43,614.20 as against yesterday’s close of 43,587.95. It is currently trading at 43,675, up 0.2 per cent.
The contract is hovering around a resistance at 43,700. If this level is breached, Bank Nifty futures can rally to 43,900. Resistance above this level is at 44,000.
On the other hand, if the contract falls from the current level, it can touch 43,430. A breach of this level can open the door for a decline to 43,100.
Trading strategy
At this juncture, the risk-reward ratio is unfavourable for both long and short positions. Hence, traders can stay away from initiating fresh positions.
Supports: 43,430 and 43,100
Resistance: 43,700 and 43,900
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