Bank Nifty September futures (46,200)

The Nifty Bank index has come down from its intra-day high and is now trading marginally lower at 44,580, down 0.01 per cent. The advances/ declines ratio at 8:4 is positive. Bandhan Bank, up 1.2 per cent, is outperforming the index.


The intraday outlook is a little unclear. The index faces resistance in the 44,700-44,750 region. Supports are at 44,400 and 44,250. The bias is positive. But a strong rise past 44,750 is needed to boost the momentum and rise to 45,000. Until then, we will have to wait and watch.

Bank Nifty futures

The Bank Nifty September Futures (44,504) is down 0.23 per cent. Resistance is at 44,750 and immediate support at 44,450. A break below it can drag the contract down to 44,300 and 44,100. On the other hand, a strong break above 44,750 is needed to gain a bullish momentum. Only in that case will a rise to 45,000-45,100 come into the picture. We will have to wait and watch.

Trade Strategy

Wait for a breakout above 44,750, and then go long. Keep the stop-loss at 44,680. Trail the stop-loss up to 44,790, when the contract touches 44,840. Move the stop-loss further up to 44,830 when the contract moves up to 44,890. Exit the long positions at 44,930.

Supports: 44,450, 44,300

Resistances: 44,750, 45,000