Bank Nifty March Futures (48,240)

Bank Nifty index has been outperforming the Nifty 50 over the last few days. The index is trading higher today. It is trading at 47,970 up 0.8 per cent. The advance/decline ratio is at 8:4. This is positive. It indicates the inherent strength in the index.

Bank Nifty Outlook

On the intraday chart, there is a key support near current levels around 47,930. A break below it can drag the index down to 47,700-47,650 during the day. If the index manages to sustain above 47,930, the chances are high for it to rise towards 48,500-48,800 in the coming sessions.

Bank Nifty Futures Outlook

The Bank Nifty March Futures (48,240) is up 0.7 per cent. The intraday outlook is bullish. A test of 48,500 looks likely if the contract manages to sustain above 48,100. A decisive break above 48,500 will be bullish to take the Bank Nifty March Futures contract up to 49,000 in the coming sessions.

Also read: Nifty Prediction Today–March 06, 2024: Can be range bound. Stay out of the market 

A lower support for the contract is in the 47,750-47,600 region. The outlook will turn negative only if the contract declines below 47,600.

Trade Strategy

We suggest traders to take positional trades rather than an intraday trade. The holding period of the trade could be one week. Wait for dips. Go long at 48,150 and 47,800. Keep a stop-loss at 47,500. Trail the stop-loss up to 48,250 as soon as the contract moves up to 48,550. Move the stop-loss further up to 48,600 when the contract touches 48,750. Exit the longs at 48,850.

Supports: 48,100, 47,600

Resistances: 48,500, 49,000

Related Topics
comment COMMENT NOW