Bank Nifty March Futures (46,880)
Bank Nifty index is struggling to breach the psychological 47,000 mark. However, it is getting support in the 46,600-46,500 region. The index is currently trading at 46,860, up 0.38 per cent. The advance/decline ratio is at 10:2. This is a positive and keeps the door open for more rise from here.
Bank Nifty index outlook
The index has good support in the 46,600-46,500 region. As long as the Bank Nifty index trades above this support zone, the outlook will remain bullish. The index can rise to 47,000-47,200 in the coming sessions. A decisive break above 47,200 can take the index further up to 47,450-47,500.
A decisive break below 46,500 is needed to bring the index under pressure. Such a break can take the Bank Nifty index down to 46,200 and 46,000. But looking at the price action on the charts, such a fall below 46,500 looks less probable.
Bank Nifty Futures outlook
The Bank Nifty March Futures (46,880) is up 0.18 per cent. Intraday support is in the 46,650-46,600 region. The outlook is bullish to see a rise to 47,200-47,400 in the coming sessions.
The outlook will turn negative only if the contract declines below 46,600. In that case, a fall to 46,400 and lower levels can be seen.
Trade Strategy
Traders can go long now at 46,880. Accumulate on dips at 46,720. Keep the initial stop-loss at 46,540. Trail the stop-loss up to 46,940 as soon as the contract moves up to 47,080. Move the stop-loss further up to 47,100 when the contract touches 47,180. Exit the longs at 47,300.
Supports: 46,500, 46,200
Resistances: 47,200, 47,400
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.