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Bank Nifty 50 June Futures (44,350):
Bank Nifty index is trading marginally higher today. It is currently at 44,361, up 0.11 per cent. Among the stocks in the index, IDFC First Bank is the top performer with 1.78 per cent gain.
On the other hand, AU Small Finance Bank is underperforming. The stock is down 1.57 per cent. The advance/decline ratio stands at 6:5.
Outlook
The price action since yesterday indicate that the Bank Nifty index is getting good support around 44,200. This leaves the overall outlook bullish.
Also read: Nifty prediction for today – May 30, 2023: Stay out. Wait for the range breakout
However, we see some resistance at 44,500. A strong break above this resistance is needed to gain momentum. Such a break can take the Bank Nifty index up to 45,000 and even higher in the coming days. For now, 44,200-44,500 will be the broad range of trade.
Bank Nifty Futures
The Nifty Bank June Futures (44,350) is trading flat now. It is facing resistance around 44,450. The index has to rise above this resistance to move further up to 44,530-44,550 during the day. Otherwise, an intraday dip to 44,280 and even to 44,200 cannot be ruled out in the coming sessions.
Trade strategy
Go long only on a break above 44,450. Keep a tight stop-loss at 44,420. Trail the stop-loss up to 44,470 when the contract touches 44,485. Move the stop-loss further up to 44,490 when the contract reaches 44,510. Exit the longs at 44,530.
Supports: 44,280, 44,200
Resistances: 44,450, 44,550
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