Comments
Bank Nifty began today’s session with a gap-down at 44,465 versus yesterday’s close of 44,624. The index declined further to the 44,290 levels, down 0.75 per cent.
The market breadth of the index gives the index a bearish bias – the advance/decline ratio stands at 4/8. Federal Bank, up 1.2 per cent, is the top gainer whereas ICICI Bank, down 1.2 per cent, is the top loser.
The private sector banks appear weaker today. Nifty Private Bank is down 0.7 per cent, while Nifty PSU Bank is down 0.1 per cent.
Bank Nifty futures
The September Bank Nifty futures opened today’s session with a gap-down at 44,550 against yesterday’s close of 44,667. Bank Nifty futures marked a low of 44,150 and is now trading at 44,280.
The contract has a support band of 44,000-44,150. Although the bias is bearish, a fall below these levels is less likely today. If it occurs, the downswing could extend to 43,800.
Also read: Nifty Prediction Today–September 27, 2023: Go short now and on a rise
On the other hand, if the contract rebounds from this support band, we could see a rally to 44,500. A breach of this level can lift the contract to 44,800.
Trading strategy
Even though the bias is bearish now, Bank Nifty futures has a strong support. Hence, traders can go long at the current level of 44,280. Add longs in case the price touches 44,150 again. Place initial stop-loss at 43,970. Exit at 44,500.
Supports: 44,150 and 44,000
Resistances: 44,500 and 44,800
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.