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Bank Nifty opened today’s session with a minor gap-up at 46,643 as against yesterday’s close of 46,600. It then rallied, climbed to 46,946 and then moderated to the current level of 46,800, up nearly 0.5 per cent so far today.
The advance-decline ratio stands at 10:2, giving the index a bullish bias. Kotak Mahindra Bank and Axis Bank, up nearly 1 per cent each, are the top gainers. AU Small Finance Bank and Bank of Baroda, down 0.15 per cent each, are the losers.
Comparatively, private banks are broadly outperforming public sector peers — Nifty Private bank is up 0.5 per cent whereas Nifty PSU Bank is up 0.15 per cent so far today. Consequently, Bank Nifty is trading in the green.
Bank Nifty futures
Bank Nifty March futures began today’s session almost flat at 46,708, compared to yesterday’s close at 46,717. It is now trading at around 46,780, up 0.1 per cent.
The hourly chart shows the contract stuck between 46,600 and 47,100. The direction of breakout from this price band will indicate the next leg of trend.
Also read
A breakout of 47,100 can result in an upswing to 47,670, its nearest resistance. Whereas a break below 46,600 can lead to a fall towards the support band of 46,200-46,000. Subsequent support is at 45,200.
Trading strategy
Refrain from trading. Initiate trade along the direction of the break of the 46,600-47,100 range.
Supports: 46,600 and 46,200
Resistance: 47,100 and 47,670
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