Bank Nifty March Futures (47,961)
Bank Nifty index is trading flat. It is currently trading at 47,948. The advance/decline ratio is at 8:4. This is positive. If this sustains, the index can move up further going forward.
Bank Nifty Index Outlook
The index has a strong support in the 47,800-47,700 region. Though an intraday dip to test this support zone cannot be ruled out, a fall below 47,700 is less likely. We expect the Bank Nifty index to sustain above 47,700 and rise to 48,500 and higher in the coming days.
The view will turn negative only if the index declines below 47,700. If that happens, a fall to 47,200 can be seen.
Bank Nifty Futures
The Bank Nifty March Futures (47,961) is down 0.35 per cent. Immediate support is at 47,900. A break below it will be bearish to see a fall to 47,700 and even 47,600 during the day.
Also read: Nifty Prediction Today—March 07, 2024: Wait for dips to go long
From a big picture, a fall below 47,600 looks less probable. As such we can expect the Bank Nifty March Futures contract to move up from around 47,600 and resume its overall uptrend.
Trade Strategy
Traders can stay out of the market today. See how the market closes today and fresh trades can be taken accordingly next week.