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Nifty Bank opened today’s session with a gap-up at 50,389 versus Monday’s close of 49,860. It is now hovering around 50,250, up 0.75 per cent.
Except HDFC Bank, which is down by only a marginal 0.05 per cent, all other stocks in Nifty Bank are in the green.
SBI and Axis Bank, up 1.7 per cent and 1.3 per cent, respectively, are the top gainers in the index.
Nifty PSU Bank has gained 1 per cent, whereas Nifty Private Bank is up 0.4 per cent. So, broadly, the public sector banks are outperforming their private peers.
Nifty Bank futures (April) began today’s session higher at 50,502 against yesterday’s close of 50,096. It is now trading around 50,450, up 0.7 per cent.
The chart shows that the contract is stuck between the support at 50,300 and the resistance at 51,000. Until it stays so, the next leg of trend will remain uncertain.
A breakout of 51,000 can lift the contract to 52,300, the nearest notable barrier. But if Nifty Bank futures slips below 50,300, it can extend the decline to 49,500, a support.
As it stands, the direction of the break of the 50,300-51,000 will lend us clues about the direction of the next price swing. Until then, we suggest staying out.
Supports: 50,300 and 49,500
Resistance: 51,000 and 52,300
Published on April 8, 2025
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