Bank Nifty opened today’s session at 51,869 versus yesterday’s close of 51,917. The banking index is now at 51,850, down 0.15 per cent.
The advance/decline ratio stands at 3/9, a bearish indication. Kotak Mahindra Bank, up 0.5 per cent, is the top gainer whereas AU Small Finance Bank, down 1.3 per cent, is the top loser.
Nifty PSU Bank is down nearly 0.8 per cent so far today. But Nifty Private Bank is flat. So, the public sector banks are facing a greater downward pressure compared to the private peers.
- Also read: Nifty prediction today – Nov 8, 2024: Intraday outlook is unclear. Stay out of the market
Bank Nifty futures
Bank Nifty futures (November contract) opened today’s session at 52,110 versus yesterday’s close of 52,200. It is now hovering around 52,050, down 0.3 per cent.
Although a selling pressure can be seen today, Bank Nifty futures has a support ahead at 52,000. If this level is breached, the contract can fall to 51,600 and then possibly to 51,300.
But if the bulls gain traction leading to a rebound, there are notable resistance levels at 52,500 and 52,800.
At this juncture, the next leg of trend appears uncertain. The direction of the break of the 52,000-52,500 range can lend us a clue about the next leg of trend.
Trading strategy
Stay on the fence. Initiate fresh trade along the direction of the break of the 52,000-52,500 range.
Supports: 52,000 and 51,600
Resistances: 52,500 and 52,800