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Bank Nifty October Futures (44, 264)
Bank Nifty index opened the day with a wide gap. It is trading higher now at 44,115, up 0.52 per cent. The advance/decline ratio at 10:2 indicates overall strength in the index. Punjab National Bank, up 2.3 per cent, is an outperformer within the index.
Outlook
Nifty Bank index has a strong support at 43,800, while resistance is at 44,200. A break above it can boost the momentum. Such a break can take the Nifty Bank index up to 44,400-44,500 and even higher.
Also read: Nifty prediction today — October 10, 2023: Bullish. Go long on dips
The index will have to fall below 43,800 to come under pressure again. In that case, the index can fall to 43,000.
Bank Nifty Futures
The Bank Nifty October Futures (44,264) contract is up 0.57 per cent. Immediate support is at 44,200. Resistance is at 44,280. A strong break above 44,280 can take the Bank Nifty Futures contract up to 44,400.
On the other hand, a break below 44,200 can drag the contract down to 44,000 and 43,800 again.
Trade Strategy
Traders with high-risk appetite can go long on a break above 44,280. Keep the stop-loss at 44,240. Trail the stop-loss up to 44,295 when the contract moves up to 44,310. Move the stop-loss further up to 44,330 when the contract touches 44,345. Exit the long positions at 44,365.
Supports: 44,200, 44,000
Resistances: 44,280, 44,400
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