Bank Nifty 50 June Futures (43,878)
Bank Nifty index has come off from its intraday high of 43,946 giving back almost all the gains. The index is currently trading at 43,825, up marginally by 0.12 per cent. The advance: decline ratio at 6:6 gives mixed indication. HDFC Bank, up 1 per cent, is outperforming while Bandhan Bank, down 1.1 per cent is the underperforming stock in the index.
Outlook
The resistance in the 43,900-44,000 region is holding well. As long as the index trades below 44,000 the outlook is negative. A fall to 43,650-43,600 looks likely during the day.
Also read: Nifty prediction today — June 21, 2023: Index looking to scale new heights
The outlook will turn positive only if the index breaks above 44,000. Such a break will open the doors for a rise to 44,200-44,400.
Bank Nifty Futures
The Bank Nifty June Futures (43,878) is trading flat now. The contract has come down failing to sustain the break above 44,000. It made a high of 44,026.70 and declined from there. ‘
Failure to rise back again can drag the contract down to 43,700 during the day.
A sustained rise past 44,000 is needed to become bullish for a rise to 44,200 and higher.
Trade Strategy
Wait for a rise and go short at 43,930. Keep the stop-loss at 44,040. Trail the stop-loss down to 43,910 when the contract falls to 43,880. Move the stop-loss further down to 43,840 when the contract touches 43,810. Exit the shorts at 43,710.
Supports: 43,800, 43,700
Resistances: 44,000, 44,200