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Bank Nifty December Futures (53,178)
Nifty Bank index has risen to 53,000 in line with our expectation. The index is currently trading at 53,033, up 0.63 per cent. The advance/decline ratio is at 12:0. This is very positive. It indicates that more rise is possible during the day.
Bank Nifty outlook
The Bank Nifty index is looking strong. Support is around 52,800. Below that 52,700-52,600 is a very good support zone. The index can rise to 53,250-53,300 in the coming sessions.
The Bank Nifty index will have to fall below 52,600 to become bearish again. But such a fall looks unlikely now.
Bank Nifty Futures
The Bank Nifty December Futures (53,178) is up 0.57 per cent. Support is in the 52,900-52,800 region. Below that 52,700 is a very strong support. The contract can rise to 53,450-53,500 in the coming sessions.
However, before this rise happens, an intraday dip to 53,000-52,900 is a possibility.
Trade Strategy
Traders can wait for dips. Go long at 53,040 and 52,930. Keep the stop-loss at 52,860. Trail the stop-loss up to 53,110 as soon as the contract goes up to 53,190. Move the stop-loss further up to 53,280 when the contract touches 53,340. Exit the longs at 53,450.
Supports: 52,900, 52,700
Resistances: 53,270, 53,450
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