Bank Nifty opened today’s session considerably lower at 43,656.25 versus Thursday’s close of 44,161.55. The index is now hovering around 43,750, down 0.9 per cent.
- Also read: Nifty prediction today – November 16, 2023: Immediate outlook mixed. Stay out of the market
10 out of 12 stocks in the index are down, showing a clear bearish bias. AU Small Finance Bank, up 0.9 per cent is the best performing stock. IDFC First Bank, down 3.3 per cent, is the top loser.
Nifty PSU bank index has lost 2.3 per cent and Nifty Private bank index is down nearly 1 per cent.
Bank Nifty futures
Bank Nifty futures (November expiry) opened today’s session lower at 43,894.80 versus yesterday’s close of 44,293.90. It is now trading at 43,860, down 1 per cent.
The contract has reacted positively to the support at 43,750 by bouncing off this level. However, this does not mean a rally as there is a barrier at 44,050. Moreover, the overall bias is bearish today.
If the bears regain traction and drag Bank Nifty futures below 43,750, it could fall further to 43,600 and 43,500. On the other hand, if the contract rallies past 44,050, it can extend the upswing to 44,300.
Trading strategy
We suggest staying out until Bank Nifty futures trade within 43,750 and 44,050. Initiate fresh positions along the direction of the break of this price band.
Supports: 43,750 and 43,600
Resistance: 44,050 and 44,300
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