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Bank Nifty July Futures (51,865)
Bank Nifty index is getting a strong follow-through buying after witnessing a strong bounce on Friday. The index is currently trading at 51,860 up 1.1 per cent. The advances/declines ratio is at 9:3. This is positive and indicates that more rise could be on the cards for the day.
Bank Nifty outlook
The outlook is bullish. Bank Nifty index (51,860) will have good intraday support at 51,500. It can rise to 52,200-52,250 during the day. The upside can extend even up to 52,500-52,700 in the next few days.
The outlook will turn negative only if the Bank Nifty index declines below 51,500. If that happens, a fall to 51,000 can be seen.
Bank Nifty Futures
The Bank Nifty July Futures (51,865) contract is up 1.1 per cent. Immediate resistance is at 52,000. A break above it can take the contract up to 52,200 and even 52,500.
Failure to breach 52,000 and a subsequent fall below 51,800 will turn the near-term outlook negative. In that case, the Bank Nifty July Futures contract can fall to 51,400 and even lower.
Trade Strategy
Traders can wait now and go long on a break above 52,000. Keep the stop-loss at 51,920. Trail the stop-loss up to 52,040 as soon as the contract moves up to 52,090. Move the stop-loss further up to 52,120 when the contract touches 52,160. Exit the long positions at 52,180.
Supports: 51,500, 51,000
Resistances: 52,000, 52,250
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