Bank Nifty August Futures (51,122)
Bank Nifty index is trading lower. The index touched a high of 51,404 on Tuesday and has come down from there. The resistance in the 51,400-51,450 region seems to be holding well for now. The Bank Nifty index is currently trading at 51,115, down 0.32 per cent. The advances/declines ration is at 1:11. This is clearly negative and signals that more fall could be on the cards during the day.
Bank Nifty outlook
Bank Nifty (51,115) has an important intraday support at 51,050. A break below it can take the index down to 50,850 and 50,750 during the day.
In case the index manages to bounce back from around 51,050, a rise to 51,250 can be seen first. A break above 51,250 will see the rise extending towards 51,400.
A sustained rise above 51,400 is needed for the Bank Nifty index to strengthen the bullish case and avoid the danger of falling back.
Bank Nifty Futures
The Bank Nifty August Futures (51,122) contract is down 0.25 per cent. Immediate resistance is at 51,200. Failure to rise back above this resistance from here can take the contract down to 50,950 or 50,900 during the day.
In case the contract manages to breach 51,200 decisively during the day, then it can rise to 51,450-51,500 in the coming sessions.
Overall, it is a wait and watch situation now.
Trade Strategy
Since the Bank Nifty futures can go either way from here, we suggest traders to stay out of the market today.
Supports: 50,950, 50,900
Resistances: 51,200, 51,450