Bank Nifty 50 July futures (44,642)
The Bank Nifty index is up about 0.5 per cent so far today. It made a high of 44,667.90 and has come-off from there. The index is currently trading at 44,543. The advances: declines ratio at 11:1 indicates broader market strength. That leaves the bias positive and keeps the door open for a further rise.
Outlook
Support for the index is in the 44,450-44,400 region, which looks likely to be tested during the day. The Bank Nifty index has to sustain above 44,400 to move up again to keep the broader bullish view intact for a rise to 45,000-45,500. A break below 44,400 can drag it to 44,200 and even lower.
Bank Nifty Futures
The Bank Nifty July futures (44,642) is up 0.45 per cent. The contract made a high of 44,774 and has come down from there. Immediate support is at 44,580. A break below that level will increase the chances of a fall to 44,400. On the other hand, if the contract sustains above 44,580 and bounces back, a rise to 44,800 is possible. However, a strong rise past 44,800 is needed to boost the bullish momentum and rise further.
Trade Strategy
We suggest traders stay out of the market today and watch how the index closes for the week. Trades can be taken accordingly next week.
Supports: 44,580, 44,400
Resistances: 44,800, 45,000