Nifty Bank index began today’s session with a considerable gap, up at 54,659 versus Friday’s close of 53,595. It is currently hovering around 55,150 — up 2.9 per cent.

Out of the 12 stocks in the index, 11 are in the green whereas IndusInd Bank alone is trading flat. The chart is led by Axis Bank and IDFC First Bank, up 3.9 and 3.6 per cent respectively.

Nifty Private Bank has gained 3 per cent in today’s first hour whereas Nifty PSU Bank is up 2.7 per cent. So, broadly, private banks are performing comparatively better than their public sector peers.

Nifty Bank futures

Nifty Bank futures (May) opened today’s session at 54,648 against last week’s close of 53,732. It rose further after opening, and is now trading at 55,360, up 3 per cent.

The price action is clearly positive, and we can expect more on the upside from here. The nearest notable resistance levels are at 55,900 and 56,000.

On the other hand, if there is a decline from the current level, Nifty Bank futures (May) can find support at 55,000. A breach of this is less likely to happen today. In case this occurs, the contract can extend the decline to 54,800.

However, given the current momentum, the probability of a rally is high and traders can consider fresh long positions.

Trade strategy

Buy Nifty Bank futures (May) at 55,360 and on a dip to 55,100. Target and stop-loss can be 56,000 and 54,800 respectively.

Supports: 55,000 and 54,800

Resistances: 55,900 and 56,000

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Published on May 12, 2025