Bank Nifty opened today’s session on the front foot at 47,572.70 versus yesterday’s close of 47,438.35. The index is now at 47,640, up 0.4 per cent.
The advance/decline ratio stands at 11/1, a bullish sign.
Punjab National Bank and State Bank of India, up 1 per cent each, are the top performers so far today. Axis Bank, down 0.25 per cent, is the sole stock in the index that is down.
Nifty PSU bank has appreciated 1 per cent whereas Nifty Private bank is up 0.4 per cent.
Bank Nifty futures
Bank Nifty futures (January expiry) opened today’s session higher at 47,656.80 compared with yesterday’s close of 47,573.70. It is now trading around 47,780, up 0.4 per cent.
The price action shows that Bank Nifty futures is likely to see an uptick from here. The nearest resistance is at 48,000. Subsequent one is at 48,200.
The immediate support for the contract is at 47,600. Below this level, support is at 47,300.
Trading strategy
Buy Bank Nifty futures now at 47,780 and add longs in case the price dips to 47,650. Place stop-loss at 47,570. Book profits at 48,000.
Supports: 47,600 and 47,300
Resistances: 48,000 and 48,200