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Bank Nifty February Futures (46,833)
Bank Nifty index opened the day with a wide gap-up and has risen sharply. The index is currently trading at 46,576, up 0.84 per cent. The advance/decline ratio is 12:0 and that is very positive.
Outlook
The index tested 46,700 on the upside during the day and has been coming down from there. Failure to rise back again can drag the Bank Nifty index down to 46,400 during the day. A bounce back thereafter can take the index up to 46,700 and even higher in the coming sessions.
But if the Bank Nifty index declines below 46,400 it can fall to 46,200 and even lower. So, the price action around 46,400 will need a close watch during the day.
Bank Nifty Futures
The Bank Nifty February Futures (46,833) is up 0.85 per cent. Immediate support is at 46,700 which is holding well as of now. As long as the contract trades above 46,700 the outlook will remain bullish. A rise to 47,200 is possible.
But if the contract breaks below 46,700, it can fall to 46,600-46,500 during the day.
Trade Strategy
It is not clear whether the support at 46,700 will hold during the day or not. So we suggest traders to stay out of the market.
Supports: 46,700, 46,600
Resistances: 46,950, 47,200
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