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Bank Nifty index is trading marginally higher. It is currently trading at 46,136, up 0.13 per cent. The advance/decline ratio at 10:2 leaves the broader sentiment bullish.
Among the stocks, Kotak Mahindra Bank and Au Small Finance are down sharply by 3.56 and 4.43 per cent respectively. IDFC First Bank, up 2.72 per cent, is the outperformer in the index.
Outlook
The price action on the chart indicates that the index is getting strong support in the 46,000-45,900 region. That leaves the bias bullish for the Nifty Bank index to rise to 46,600 in the coming sessions.
The index will come under pressure only if it breaks below 45,900. In that case, a fall to 45,750 is possible.
Bank Nifty Futures
The Bank Nifty July Futures (46,190) is up 0.18 per cent. The contract is getting support at 46,000. The bias is bullish to see a rise to 46,500-46,600 in the coming sessions.
The outlook will turn negative only if the contract breaks below 45,920. In that case a fall to 45,750 can be seen.
Trade Strategy
Traders can go long now. Accumulate on dips at 46,060. Keep the stop-loss at 45,960. Trail the stop-loss up to 46,230 as soon as the contract moves up to 46,280. Move the stop-loss further up to 46,360 when the contract touches 46,410. Exit the long positions at 46,480.
Supports: 46,000, 46,920
Resistances: 46,300, 46,500
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