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Bank Nifty opened today’s session at 43,591.50 versus Friday’s close of 43,583.95. It is currently at 43,670, up 0.2 per cent.
The advance/decline ratio stands at 9/3 giving the index a bullish bias. Punjab National Bank, up 1.7 per cent, is the top gainer and IDFC First Bank, down 0.7 per cent, is the top loser.
Nifty PSU Bank is up 0.9 per cent whereas Nifty Private Bank is up 0.1 per cent.
Bank Nifty futures
Bank Nifty futures (November expiry) opened today’s session slightly higher at 43,724.60 versus Friday’s close of 43,715.45. It is currently trading at 43,850, up 0.3 per cent.
The prevailing price action shows that the contract is facing a resistance at 43,900. Above this, there is a series of resistances between 44,000 and 44,300. So, the bulls are likely to struggle to lift the contract.
On the other hand, the price band of 43,500-43,600 is a support. Subsequent support is at 43,000.
Trading strategy
We suggest staying out until Bank Nifty futures trade within 43,500 and 44,000. Initiate fresh positions along the direction of the break of this price band.
Supports: 43,600 and 43,500
Resistance: 44,000 and 44,300
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