Bank Nifty prediction today – Oct 30, 2024: Intraday trend uncertain at the moment bl-premium-article-image

Akhil NallamuthuBL Research Bureau Updated - October 30, 2024 at 11:06 AM.

The key levels for Bank Nifty futures are 51,200 and 52,700

Bank Nifty opened today’s session with a gap-down at 51,989 versus yesterday’s close of 52,321. The index is now hovering around 51,900, up 0.8 per cent.

The advance/decline ratio stands at 3/8, showing that the index possesses a bearish inclination. IDFC First Bank, up 1.5 per cent, is the top gainer whereas AU Small Finance Bank, down 2.2 per cent, is the top loser.

Nifty PSU Bank is down by a marginal 0.15 per cent whereas Nifty Private Bank has lost 0.6 per cent. Thus, the public sector banks are broadly outperforming the private peers.

Bank Nifty futures

Bank Nifty futures (October contract) opened today’s session at 52,150 versus yesterday’s close of 52,294. It is now trading at 51,880, down nearly 0.8 per cent.

The contract has fallen off a resistance at 52,300. Above this, there is another barrier at 52,700. Therefore, for Bank Nifty futures to establish a trend, it should surpass 52,700. This looks less likely at the moment.

In case the contract falls from the current level of 51,880, it can find support at 51,500 and 51,200. The daily chart shows that 51,200 and 52,700 are the key levels. Until either of these levels are breached, the next leg of trend cannot be confirmed.

Trading strategy

As it stands, there is no clarity with respect to the intraday trend. So, we suggest staying out today.

Supports: 51,500 and 51,200

Resistances: 52,300 and 52,700

Published on October 30, 2024 05:35

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