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Bank Nifty futures (47,920)
Bank Nifty opened today’s session with a gap-down at 47,491 versus yesterday’s close of 47,578. It has since recovered and is currently at 47,590, almost flat so far today.
The advances/ declines ratio stands at 8/4, giving the index a bullish inclination. Bandhan Bank, up 2 per cent, is the top gainer. ICICI Bank, down 1.3 per cent, is the top loser.
Both the Nifty PSU Bank and Nifty Private Bank index are up 0.1 per cent.
Bank Nifty futures
Bank Nifty April futures began today’s session lower at 47,805, compared to yesterday’s close of 47,914. It recovered post the open, and is now trading around yesterday’s closing level.
The hourly chart shows that the contract is stuck in a narrow range of 47,750 and 48,000. Only a breach of this range will tell us the direction of the next leg of trend.
If Bank Nifty futures breaks out of 48,000, it could rally to 48,600 soon. On the other hand, a fall below 47,750, could see a decline to 47,350, a potential support.
Trading strategy
We recommend staying out of the market for now. Initiate trades along the direction of the break in the 47,750-48,000 range.
Supports: 47,750 and 47,350
Resistance: 48,000 and 48,600
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