Bank Nifty opened today’s session with a gap-up at 51,543 versus Friday’s close of 51,462. The index is now hovering around 51,530, 0.1 per cent.
The advance/decline ratio now stands at 3/9. AU Small Finance Bank, up 2.2 per cent, is the top gainer whereas Federal Bank, down 2.9 per cent, is the top loser.
Nifty PSU Bank has lost 1 per cent whereas Nifty Private Bank is up by a marginal 0.2 per cent. So, broadly public sector banks are underperforming the private peers.
Bank Nifty futures
Bank Nifty futures (October contract) opened today’s session higher at 51,999 versus Friday’s close of 51,871. It is now trading at 51,950, up nearly 0.2 per cent.
The contract is yet to establish a trend. But it is now trading below an important level of 52,150. This gives a bearish inclination.
From the current level of 51,950, the nearest support is at 51,500. Subsequent support is at 51,000.
In case Bank Nifty futures surpass 52,150, it can extend the rally to 52,800.
Trading strategy
For intraday, short Bank Nifty futures now at 51,950 with a stop-loss at 52,180. Book profits at 51,500.
Supports: 51,500 and 51,000
Resistance: 52,150 and 52,800