Bank Nifty opened today’s session with a gap-up at 52,440 versus yesterday’s close of 52,207. The banking index is now at 52,240.

The advance/decline ratio stands at 7/5. Bank of Baroda, up 1.4 per cent, is the top gainer whereas IndusInd Bank, down 1.8 per cent, is the top loser.

Nifty PSU Bank has gained 0.8 per cent so far today whereas Nifty Private Bank is down by a marginal 0.1 per cent. So, the public sector banks are broadly outperforming the private peers.

Bank Nifty futures

Bank Nifty futures (November contract) opened today’s session at 52,588 versus yesterday’s close of 52,394. It is now hovering around 52,500, up 0.2 per cent.

The contract, which saw an early rally, marked a high of 52,737 before moderating to the current level. Note that the contract has a strong barrier at 52,800.

The bulls ought to take Bank Nifty futures above 52,800 to build a sustainable rally. A clear breakout of 52,800 can lift it to 53,700, a resistance.

But if the contract falls and slips below the nearest support at 52,400, it can drop to 52,000, a support.

Trading strategy

As it stands, the intraday trend looks uncertain for Bank Nifty futures. So, we suggest staying out.

Supports: 52,400 and 52,000

Resistance: 52,800 and 53,700

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