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Bank Nifty opened today’s session with a gap-down at 46,572 as against 46,790. It is now at 46,520, down 0.6 per cent.
Notably, 10 out of 12 stocks in Bank Nifty have lost. Bandhan Bank and Federal Bank, up 1.8 and 0.6 per cent respectively, are the only gainers. On the other hand, Punjab National Bank, down 3.9 per cent, is the top loser.
Nifty PSU bank, down 2.2 per cent, is one of the weakest sectoral indices so far today. Nifty Private bank has lost 0.6 per cent.
Bank Nifty futures
Bank Nifty March futures began today’s session lower at 46,825 compared to yesterday’s close of 46,996. It is now trading around 46,650, down 0.6 per cent.
Note that 46,600 is a support. An hourly close below this level can open the door for further intraday fall, potentially to 46,100.
On the other hand, in case Bank Nifty futures recovers on the back of the support at 46,600, it is likely to face a barrier between 46,900 and 47,000. A decisive breakout of 47,000 can turn the trend bullish.
Trading strategy
We suggest staying out for now. Go short on Bank Nifty futures if it decisively breaks below the support at 46,600. Intraday target and stop-loss can be at 46,100 and 46,850 respectively.
Supports: 46,600 and 46,100
Resistance: 46,900 and 47,000
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