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Nifty Bank opened today’s session with a gap-up at 50,402 versus yesterday’s close of 50,158. It inched up further and is currently hovering around 50,400, up 0.5 per cent.
The advance/decline ratio is currently at 8/4, a bullish indication. Canara Bank and Bank of Baroda, up 2.5 per cent and 2.4 per cent respectively, are the top gainers in Bank Nifty. Whereas AU Small Finance Bank, down 0.7 per cent, is the top loser.
Nifty PSU Bank has gained 1.2 per cent so far today and Nifty Private Bank is up 0.4 per cent. Therefore, broadly, the public sector banks are outperforming their private peers.
Nifty Bank futures (February contract) opened today’s session higher at 50,455 against yesterday’s close of 50,316. It is now trading at 50,560, up 0.5 per cent.
The contract surpassing 50,100 is a bullish sign and there is a good chance for Nifty Bank futures to rally to 51,000.
However, before that, the contract might see a corrective decline, probably to 50,400 from the current level of 50,560.
In case Nifty Bank futures slip below 50,400, it can extend the downswing to 50,300 and then possibly to 50,100, key support levels.
Buy Nifty Bank futures if it dips to 50,400. Target and stop-loss can be 51,000 and 50,100 respectively.
Supports: 50,400 and 50,300
Resistance: 51,000 and 51,200
Published on February 5, 2025
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