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Bank Nifty futures (43,775)
Bank Nifty opened today’s session at 43,607.35 versus yesterday’s close of 43,577.50. It is now at 43,725, up 0.3 per cent.
The advances/ declines ratio stands at 9/3. HDFC Bank, up 0.6 per cent, is the top gainer, whereas AU Small Finance Bank, down 0.5 per cent, is the top loser.
Nifty private bank is up 0.3 per cent, whereas the Nifty PSU bank index is up 0.2 per cent.
Bank Nifty futures
Bank Nifty futures (November expiry) opened today’s session almost flat at 43,693.15 versus yesterday’s close of 43,690.15. It is now trading at 43,775, up 0.2 per cent.
The contract moved past the 43,700-mark today, a positive sign. But there is a resistance in the price region of 43,900-44,000. A breakout of 44,000 can trigger a rally to 44,300.
On the other hand, if Bank Nifty futures fall below 43,700, it might extend the downswing to 43,430. Subsequent support is at 43,100.
Trading strategy
The chart shows that the contract is trading between key support and resistance levels. At the moment, the probability of a rally and a fall is the same. So, traders can stay away from initiating fresh positions.
Supports: 43,700 and 43,430
Resistance: 43,900 and 44,000
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