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Bank Nifty September Futures (52,222)
Bank Nifty index has risen well above the psychological 52,000 level. It is currently trading at 52,105, up 0.32 per cent. The advances/declines ratio is at 6:6. This gives a mixed picture.
Bank nifty outlook
The outlook is bullish. Support is in the 52,000-51,900 region and then at 51,700. The Bank Nifty index can rise to 52,400 and 52,600 in the coming sessions.
The outlook will turn negative only if the index declines below 51,700. That will increase the chances of a fall to 51,000 again. However, the bias looks positive on the charts. As such we can expect the Bank Nifty index to sustain above 52,000 itself.
Bank nifty futures
The Bank Nifty September Futures (52,222) is up 0.56 per cent. The index has strong support in the 52,000-51,900 region. The outlook is bullish to see a rise to 52,700 in the next few days.
This rise can happen either from here itself or after a dip to 52,100-52,000.
In case the contract declines below 51,900, it can fall to 51,800-51,700. But such a fall looks less likely.
Trade strategy
Traders can consider a positional trade with a holding period of one week. Wait for dips and go long at 52,140 and 52,080. Keep the stop-loss at 51,860. Trail the stop-loss up to 52,220 as soon as the contract moves up to 52,360. Move the stop-loss further up to 52,480 when the contract touches 52,620. Exit the long positions at 52,670.
Supports: 52,000, 51,900
Resistances: 52,400, 52,600
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