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Bank Nifty opened today’s session higher at 50,608 versus yesterday’s close of 50,441. It is now at 51,050, up 1.2 per cent so far today.
The advance-decline ratio now stands at 10:2. IndusInd Bank, up 2 per cent, is the top gainer whereas Bank of Baroda, down 0.3 per cent, is the top loser.
Within the banking space, private banks seem to perform better. Therefore, Nifty Private Bank index is up 1.3 per cent whereas Nifty PSU Bank index is up 0.1 per cent.
Bank Nifty futures
Bank Nifty futures (June contract) began today’s session with a gap-up at 50,462 versus yesterday’s close of 50,417. It is now trading at 50,900, up 1 per cent.
While the chart shows a positive bias, the intraday movement has put some pressure on the bulls. Also, being an expiry day, we can expect higher volatility.
Key intraday support from the current level are at 50,600 and 50,300. On the other hand, notable resistance from the current levels are at 51,200 and 51,500.
Trading strategy
Stay on the fence. Go long on a breakout past 51,200. Target and stop-loss can be at 52,000 and 50,800 respectively.
Supports: 50,600 and 50,300
Resistance: 51,200 and 51,500
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