Bank Nifty July futures (53,100)
Bank Nifty index has been moving up very well all through this week. The index is retaining its momentum. It is currently trading at 53,070, up 0.37 per cent. The advances/declines ratio is at 7:5. This leaves the bias positive. If this sustains, then further rise is possible during the day.
Bank Nifty outlook
The rise above 53,000 is a positive. Support for the Bank Nifty (53,070) index is at 52,900 and 52,700. A rise to 53,500 looks possible during the day.
The chances of this rise will get negated only if the Bank Nifty index falls below 52,700. In that case, the index can see 52,400 and lower levels.
Bank Nifty futures
The Bank Nifty July futures (53,100) is up 0.44 per cent. Supports are at 52,950 and 52,700. The outlook is bullish to see a rise to 53,600-53,650 in the coming sessions.
The contract will come under pressure for a fall to 52,300 and 51,800 only if it breaks below 52,700. But that looks less likely as fresh buyers are likely to emerge at lower levels and limit the downside.
Trading strategy
Traders can go long now at 53,100. Accumulate on dips at 53,060. Keep the stop-loss at 52,840. Trail the stop-loss up to 53,180 as soon as the contract moves up to 53,240. Move the stop-loss further up to 53,320 when the price touches 53,440. Exit the long positions at 53,580.
Supports: 52,950, 52,700
Resistances: 53,650, 54,000