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Nifty Bank index began today’s session at 56,640 versus yesterday’s close of 56,629. It is now hovering around 56,590, down 0.1 per cent.
The advance/decline ratio stands at 4/8, which gives the index a bearish bias. AU Small Finance Bank (up 1.1 per cent) and ICICI Bank (up 0.3 per cent) are the top gainers.
On the other hand, Punjab National Bank (down 0.9 per cent) and Bank of Baroda (down 0.8 per cent) are the top losers.
Nifty Private Bank is trading flat whereas Nifty PSU Bank has lost nearly 0.3 per cent. So, broadly, within the banking space, the private banks are outperforming their private peers.
The June expiry Nifty Bank futures began today’s session at 56,755 against yesterday’s close of 56,765. It is now trading at 56,720, down 0.1 per cent.
The contract has a support at 56,700. But given the current price action, there is a chance that it might see a decline to 56,400, a support. Subsequent support is at 56,250
However, the broader trend is bullish and so, Nifty Bank futures (Jun) can resume the rally anywhere within the price band of 56,700-56,250.
Once the upswing resumes, the contract can rise to 58,000. But in case the support at 56,250 is breached, we can witness a deeper fall to 55,800 and 55,500.
Buy Nifty Bank futures now at 56,720 with a stop-loss at 56,400. Book profits at 58,000.
Supports: 56,700 and 56,400
Resistances: 58,000 and 58,500
Published on June 11, 2025
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