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Bank Nifty opened today’s session with a gap-up at 44,555 versus yesterday’s close of 44,360. It is currently hovering around 44,560, up nearly 0.5 per cent.
Supporting the bullish bias, the advance/decline ratio of the index stands at 8/4. Punjab National Bank, up 1.9 per cent, is the top gainer, while Bank of Baroda, down 3.2 per cent, is the top loser.
While Nifty Private Bank index is up 0.5 per cent, Nifty PSU Bank index has lost 0.2 per cent so far today.
Bank Nifty futures
The October Bank Nifty futures opened today’s session higher at 44,683 against Tuesday’s close of 44,530. It is currently trading at around 44,670, up 0.3 per cent.
Since the contract is trading above 44,500, the intraday trend can be bullish. Bank Nifty futures might rally towards the resistance band of 45,000-45,200.
Also read: Nifty Prediction Today—October 11, 2023: Bullish. Go long on dips
On the other hand, if the price sees a decline from here, the nearest support is 44,500. Immediately below this is another support at 44,350 for the contract.
Overall, the likelihood of a rally looks high.
Trade strategy
Buy Bank Nifty futures now at 44,670 and add longs in case the price dips to 44,400. Place initial stop-loss at 44,300. Book profits at 45,000.
Supports: 44,500 and 44,350
Resistances: 45,000 and 45,200
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