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Bank Nifty futures (46,100)
Bank Nifty opened today’s session on a flat note at 46,393 as against yesterday’s close of 46,385. However, after a while, the index had declined. Currently, it is hovering around 46,100, down 0.6 per cent.
Notably, 10 out of 12 stocks in Bank Nifty are in red. IndusInd Bank and State Bank of India, up 0.3 per cent each, are the only gainers. On the other hand, Bandhan Bank, down 1.3 per cent, is the top loser.
Nifty PSU bank, down 1.1 per cent, is one of the weakest sectoral indices so far today. Nifty Private bank has lost 0.6 per cent.
Bank Nifty futures
Bank Nifty March futures began today’s session at 46,475 compared to yesterday’s close of 46,450. It is now trading around 46,100, down 0.75 per cent.
Also read: Nifty Prediction Today—March 20, 2024: Bears gain traction; consider shorts
Although 46,000 is a support for Bank Nifty futures, this level is less likely to hold. We anticipate the contract to slip below this level and move down towards 45,300, a good support, before the end of this week.
On the other hand, if there is a recovery, the contract will face resistance at 46,400. Above this, the price band of 46,800-47,000 is a strong barrier.
Trading strategy
Go short on Bank Nifty futures now at 46,100. Add shorts if the contract rises to 46,330. Place stop-loss at 46,600.
When the contract falls below 45,800, tighten the stop-loss to 46,100. Book profits at 45,300.
Supports: 46,000 and 45,300
Resistances: 46,400 and 46,800
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