Comments
Bank Nifty October futures (55,563)
Bank Nifty index is trading marginally lower. The index is currently trading at 54,270, down 0.2 per cent. The index has rise well above 54,000 but seems to lack a strong follow-through buying. The advances/declines ratio is at 8:4. This keeps the bias positive.
Bank Nifty outlook
The outlook is bullish. Immediate support is at 54,200-54,150. There are good chances for to index to rally towards 55,000 next week.
Incase the index breaks below 54,150, a corrective fall to 53,850 can happen first before the above-mentioned rally to 55,000 is seen.
Bank Nifty futures
The Bank Nifty October futures (54,563) is marginally up by 0.01 per cent. The contract has supports at 54,450 and then at 54,200.
Resistance is at 54,650. A break above it can take the contract up to 55,200 in the coming sessions.
The outlook will turn negative only if the contract declines below 54,200. In that case, a fall to 53,900 is possible.
Trading strategy
Traders can wait for a rise and go long only after a break above 54,650 is seen. Keep the stop-loss at 54,580. Trail the stop-loss up to 54,690 as soon as the contract moves up to 54,740. Move the stop-loss further up to 54,770 when the contact touches 54,810. Exit the longs at 54,850.
Supports: 54,450, 54,200
Resistances: 54,650, 55,200
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.