Bank Nifty began today’s session with a gap-up at 46,103, as against yesterday’ close of 45,713. The index is now hovering around 46,200, up 1.1 per cent.
Supporting the bullish bias, the advances/ declines ratio of the index stands at 11/1. Punjab National Bank, up 3.4 per cent, is the top gainer, whereas IndusInd Bank, down 2.2 per cent, is the top loser.
Nifty PSU bank and Nifty Private bank indices are up 0.8 per cent each so far today.
Bank Nifty futures
Bank Nifty futures (January expiry) opened today’s session higher at 46,155.55 versus yesterday’s close of 45,869.25. It is now trading around 46,270, up 0.9 per cent.
The chart shows that 46,350 is a minor resistance. But given the positive momentum, Bank Nifty futures is likely to rally past this level and touch 46,500 or even 46,800, the nearest barriers from here.
But if the contract falls off 46,350, it can find support at 46,100 and 45,800.
Trading strategy
Since the price action appears bullish, buy Bank Nifty futures now at 46,270 and accumulate on a dip to 46,100. Place stop-loss at 45,800. Exit at 46,500.
Supports: 46,100 and 45,800
Resistance: 46,350 and 46,500