Bank Nifty September futures (53,861)
Bank Nifty index is managing to sustain higher. The index opened higher today and is now trading at 53,910, up 0.21 per cent. The advances/declines ratio is at 8:4. This can keep the bias positive for the day.
Bank Nifty outlook
Intraday supports are at 53,700 and 53,500. The overall outlook is bullish. We can expect the Bank Nifty index to sustain above 53,500 in the coming sessions.
Resistance is at 54,150-54,200 which can be tested during the day. A break above 54,200 can take the index up to 54,600 and higher in the coming sessions.
- Also read: Nifty prediction today – September 23, 2024: Resistance ahead. Avoid fresh long positions
Bank Nifty futures
The Bank Nifty September (53,861) futures contract is up 0.58 per cent. The contract has good support at 53,700-53,650. As long as the contract stays above this support, the outlook is bullish. A rise to 54,250-54,300 can be seen in the coming sessions.
The near-term outlook will turn negative only if the Bank Nifty futures contract declines below 53,650. If that happens, we can see a fall to 53,300.
Trading strategy
Traders can wait for dips and go long at 53,720 and 53,680. Keep the stop-loss at 53,570. Trail the stop-loss up to 53,780 as soon as the contract moves up to 53,840. Move the stop-loss further up to 53,870 when the price touches 53,920. Exit the long positions at 53,980.
Supports: 53,650, 53,300
Resistances: 54,300, 54,600
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