Bank Nifty July Futures (46,217)
Bank Nifty index is trading higher. The index is currently at 46,248, up 0.4 per cent. The advance/decline ratio at 12:0 indicates broader bullishness in the index. Among the stocks, Bank of Baroda is up over 2 per cent and IDFC First Bank is up 1.12 per cent.
Outlook
Immediate support is at 46,175. The index has to sustain above this support and then breach 46,300 to gain momentum and rise further. If it falls below 46,175, a test of 46,100 is possible during the day.
Bank Nifty Futures
The Bank Nifty July Futures (46,217) is up 0.37 per cent. Support is at 46,150. It has to hold to avoid an intraday fall to 46,050-46,000.
On the other hand, a strong rise past 46,300 is needed for the contract to gain bullish momentum. Such a break can take the Nifty Bank Futures contract up to 46,500.
Trade strategy
Traders can wait for a break above 46,300 and then go long. Keep the stop-loss at 46,260. Move the stop-loss up to 46,340 as soon as the contract goes up to 46,380. Move the stop-loss further up to 46,420 when the contract touches 46,450. Exit the longs at 46,480.
Supports: 46,150, 46,050
Resistances: 46,300, 46,500