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Bank Nifty January Futures (48,085)
The Bank Nifty index is trading higher today. The index is currently at 47,828, up 0.8 per cent. The advance/decline ratio is at 11:1 which is very positive.
Outlook
Intraday support is at 47,600. If the Bank Nifty index sustains above this support, the near-term outlook will be positive. A rise to 48,000-48,300 can be seen.
Broadly, 47,400-48,650 has been the trading range over the last few days. We will have to wait for a breakout of this range to get a clear cue on the next leg of move.
Bank Nifty Futures
The Bank Nifty January Futures (48,085) is up 0.95 per cent now. Immediate resistance is at 48,200. A break above it can take the Bank Nifty index up to 48,500 and 48,700 in the coming sessions.
On the other hand, if the contract fails to breach 48,200 and turns down, then a fall to 47,750-47,700 is possible.
Trade Strategy
Since it is now very clear whether the contract can break above the upcoming intraday resistance, we suggest traders to stay out of the market. See what happens to the resistance at 48,200 and take trade positions accordingly.
Supports: 47,850, 47,700
Resistances: 48,200, 48,500
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