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Bank Nifty opened today’s session higher at 51,673 versus yesterday’s close of 51,553. The index has now advanced to 51,740, up 0.4 per cent.
The advance-decline ratio of Bank Nifty currently stands at 10:2. State Bank of India and HDFC Bank are the top gainers, advancing 0.9 per cent each.
Nifty PSU Bank has risen nearly 0.4 per cent whereas Nifty Private Bank has climbed 0.25 per cent so far today. So, broadly, public sector banks are outperforming private sector peers.
Bank Nifty futures
Bank Nifty futures (August contract) opened today’s session at 51,990 against yesterday’s close of 51,815. It is now trading at about 51,925, up 0.2 per cent.
The contract rallied above the hurdle at 52,000 in the initial hour of trade, but failed to sustain and fell to 51,925. That said, the potential for a downtrend looks limited as there are supports ahead.
Bank Nifty futures has its nearest support at 51,800 and 51,530. Only a breach of 51,530 can turn the trend bearish. So, at the moment, the sideways range of 51,530-52,000 stays valid.
Trading strategy
Stay on the fence. Buy Bank Nifty futures only if it rallies past 52,100. Target and stop-loss can be 53,000 and 51,800 respectively.
Supports: 51,530 and 51,000
Resistance: 52,000 and 52,500
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