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Bank Nifty index opened today’s session lower at 43,897 versus yesterday’s close of 43,946. While it marked a low of 43,832 immediately after the session opened, it has now recovered to 44,030. Thus, the index is up 0.2 per cent so far today.
Supporting the positive inclination, the advance/decline ratio of the index stands at 9/3. Punjab National Bank, up by 2.4 per cent, is the top gainer. On the other hand, ICICI Bank is the top loser as it is down 0.3 per cent.
So far today, the public sector banks seem to be outperforming their private peers. Thus, Nifty PSU Bank index has advanced 1.2 per cent whereas Nifty Private Bank index has gained 0.25 per cent.
Bank Nifty futures
The August expiry futures of Bank Nifty opened the day with a gap-down at 43,995 versus previous session’s close of 44,074. It is currently hovering around 44,175.
Also Read | Nifty Prediction Today–August 17, 2023: Fresh fall is likely; go short now
The contract has risen on the back of the support band of 43,870-44,000. The nearest notable resistances from the current level are at 44,360 and 44,500. Given the prevailing price action, the likelihood of a rally is high.
Trading strategy
Buy Bank Nifty futures at the current level of 44,175. Add longs in case the price falls to 44,080. Place stop-loss at 43,980 at first.
When the contract touches 44,360, tighten the stop-loss to 44,200. Book profits at 44,480.
Supports: 44,000 and 43,870
Resistance: 44,360 and 44,500
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