Bank Nifty futures (43,870)

Bank Nifty opened today’s session higher at 43,851.55 versus last week’s close of 43,769.10. It is now at 43,815, up 0.1 per cent.

Supporting the bullish bias, the advance/decline ratio stands at 9/3. IDFC First Bank, up 1.4 per cent, is the top gainer whereas ICICI Bank, down 0.4 per cent, is the top loser.

The public sector banks seem to be doing well so far today – Nifty PSU bank index is up 0.5 per cent whereas Nifty Private bank index is flat.

Bank Nifty futures

Bank Nifty futures (November expiry) opened today’s session with a gap-up at 43,867.95 versus Friday’s close of 43,805.55. It is currently trading at 43,870, up 0.15 per cent.

The contract continues to trade within the price band of 43,400-44,000. So, there is no clarity in the next leg of trend now.

If Bank Nifty futures break out of 44,000, it can rally to 44,300 or even to 44,500. On the other hand, if it falls below 43,400, we can see the price moderating to 43,000, a support. Subsequent support is at 42,500.

Trading strategy 

Since Bank Nifty futures continue to chart a sideways trend, we suggest staying out of market. Traders can initiate fresh positions along the direction of the break of the range 43,400-44,000.

Supports: 43,400 and 43,000

Resistance: 44,000 and 44,300