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Nifty Bank opened today’s session with a gap-up at 48,793 versus yesterday’s close of 48,354. It has moved up further after opening and is hovering around 48,950.
All 12 stocks in the index are in the green, indicating a strong positive bias. ICICI Bank (up 2.4 per cent) and IDFC First Bank (up 1.3 per cent) are the top performers.
Nifty Private Bank has advanced 0.9 per cent whereas Nifty PSU Bank has gained 1 per cent. So, broadly, the public sector banks are marginally outperforming their private peers.
Nifty Bank futures (March contract) opened today’s session higher at 48,751 against yesterday’s close of 48,486. It is now trading around 49,030, up 1.1 per cent so far today.
The contract has moved above the hurdle at 49,000, a positive sign. Although there might be a correction from the current level, it is likely to be limited to 48,750.
As it stands Nifty Bank futures shows potential for a rally to 49,300 and 49,600. On the other hand, if it slips below 48,750, the bears can regain traction.
However, the price action indicates that the momentum is in favour of the bulls and so, Nifty Bank futures can see more upside from the current level.
Buy Nifty Bank futures at 49,030 and 48,800. Place stop-loss at 48,600. Book profits at 49,600.
Supports: 48,750 and 48,500
Resistances: 49,300 and 49,600
Published on March 18, 2025
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