Bank Nifty April Futures (48,765)

Bank Nifty index is trading lower. The index is currently at 48,658, down 0.67 per cent. The advance/decline ratio is at 3:8. This is a negative. That keeps the chances high for the Bank Nifty index to fall more during the day.

Bank Nifty index outlook

The index has failed to get a sustained rise above 49,000 this week. It has come down after making a high of 49,057 on Wednesday. Intraday resistance is around 48,750. The index can fall to 48,300 during the day. The price action thereafter will need a close watch to see if a bounce is happening or not.

Failure to reverse higher from around 48,300 can drag the Bank Nifty index down ton 48,100. On the other hand, a bounce from 48,300 can take the index up to 48,900 and 49,000 again.

Bank Nifty Futures

 The Bank Nifty April Futures (48,765) is down 0.5 per cent. Immediate support is at 48,600. A below it can drag the contract down to 48,300 in the coming sessions. On the other hand, a bounce from around 48,600 can take the contract up to 48,900-49,000 and higher again. The price action around 48,600 will need a close watch during the day.

Trade Strategy

Traders with high-risk appetite can go short on a break below 48,600. Keep the stop-loss at 48,730. Trail the stop-loss down to 48,520 when the contract falls to 48,480. Move the stop-loss further down to 48,460 when the contract touches 48,390 on the downside. Exit the shorts at 48,340.

Supports: 48,600, 48,300

Resistances: 48,950, 49,100