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Bank Nifty opened today’s session lower at 43,626.10 versus Wednesday’s close of 43,658.65. But it has now recovered to 43,710, up 0.1 per cent.
The breadth of the index is giving it a bullish bias as the advance/decline ratio stands at 7/5. AU Small Finance Bank, up 2.4 per cent, is the top gainer whereas SBI, down 0.5 per cent, is the top loser.
Within the banking sector, the private banks are broadly outperforming their public sector peers – Nifty Private bank index is up 0.2 per cent whereas Nifty PSU bank index is down 0.15 per cent.
Bank Nifty futures
Bank Nifty futures (November expiry) opened today’s session lower at 43,780 versus yesterday’s close of 43,836.20. It is currently trading around 43,900, up 0.15 per cent.
The gain in the first hour of trade hints at a potential bullish day for Bank Nifty futures. However, the contract faces a barrier at 44,000. If this level is taken out, the price can rise to 44,300.
But if the contract sees a decline from the current level, it may find support at 43,750. A breach of this can turn the intraday trend bearish. Consequently, Bank Nifty futures could fall to 43,600. Support below this level is at 43,480.
Trading strategy
Bank Nifty futures is now fluctuating within the 43,750-44,000 range. So, we recommend refraining from trading for now.
Traders can consider fresh trades along the direction of the break of the above-mentioned range.
Supports: 43,750 and 43,600
Resistance: 44,000 and 44,300
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