Bank Nifty March Futures (46,933)

The Bank Nifty index has made a gap-up open today and is trading strong. The index is currently trading at 46,810, up 1.08 per cent. The strong rise in the global equities after the US Federal Reserve meeting on Wednesday has aided the Bank Nifty index to trade higher. The advance/decline ratio is at 12:0. This indicates the inherent strength in the index.

Bank Nifty Outlook

The Bank Nifty index has risen well above 46,700. This level has been capping the upside very well. The region between 46,700 and 46,600 will now act as a strong support zone. As long as the index stays above 46,600, the outlook will remain bullish. The Bank Nifty index can rise to 47,000 and higher in the coming sessions.

The index will come under pressure again only if it declines below 46,600. Only in that case, the danger of falling back to 46,000 will come back into the picture.

Bank Nifty Futures

The Bank Nifty March Futures (46,933) is up just over one per cent now. The contract has surged well above the key resistance level of 46,700.

The outlook is bullish. Support is in the 46,750-46,700 region. As long as the contract trades above 46,700, the chances are high for it to target 47,400 in the coming sessions.

A decisive fall below 46,700 is needed to bring the contract under pressure for a fall to 47,000 and lower.

Trade Strategy

Traders can go long now at 46,933. Accumulate on dips at 46,830. Keep a stop-loss at 46,680. Trail the stop-loss up to 47,050 as soon as the contract moves up to 47,150. Move the stop-loss further up to 47,180 when the contract touches 47,240. Exit the longs at 47,300.

Supports: 46,700, 46,000

Resistances: 47,400, 48,000

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