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

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