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Bank Nifty opened today’s session higher at 46,641, compared to yesterday’s close of 46,588. The index is now hovering at around 46,715, up 0.3 per cent, at the end of the first hour of trade.
The advance-decline ratio of Bank Nifty stands at 7:5, showing positive bias. Punjab National Bank, up 1.1 per cent, is the top gainer whereas IDFC First Bank, down 1 per cent, is the top loser.
Although the top gainer is a public sector bank, broadly, however, the private sector banks are outperforming today. Thus, Nifty Private bank has gone up 0.2 per cent whereas Nifty PSU bank has lost 0.35 per cent.
Bank Nifty futures
Bank Nifty futures (February expiry) began today’s session with a slight gap-up at 46,602 versus yesterday’s close of 46,587. It is now trading at around 46,660, up 0.2 per cent.
However, the chart shows that Bank Nifty futures has a series of resistances ahead and it is unlikely to cross these levels, at least until the February contract expires tomorrow.
From the current level of 46,660, the nearest resistance levels are at 46,850, 47,000 and 47,380.
If there is a fall from the current level, Bank Nifty futures has support at 46,500, 46,320 and 46,200.
Broadly, on either side, Bank Nifty futures has some key levels, and this is likely to keep it sideways.
Trading strategy
Do not initiate intraday trades as the trend appears uncertain at this juncture.
Supports: 46,500 and 46,320
Resistance: 46,850 and 47,000
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