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Bank Nifty October Futures (52,110)
Bank Nifty index is trading higher. It is currently at 51,909, up 0.18 per cent. The index is holding well after breaking the 51,600-51,800 resistance region. The advances/declines ratio is a 6:6. This gives a mixed picture.
Bank Nifty outlook
Bank Nifty index has support in the 51,700-51,600 region. As long as it stays above this support zone, the outlook will be bullish. A rise to 52,200 and even 52,400 is possible. Abreak above 52,100 will trigger this rise.
The index has to fall below 51,600 in order to come under pressure. If that happens, it can fall back to 51,000.
Bank Nifty Futures
The Bank Nifty October Futures (52,110) is up 0.13 per cent. The contract has support in the 51,900-51,800 region. Resistance is at 52,200. A break above it can take the contract up to 52,700.
The outlook will turn bearish only if the contract declines below 51,800. A fall to 51,400-51,200 can be seen then.
Trade Strategy
Traders can go long on a break above 52,200. Keep the stop-loss at 52,120. Trail the stop-loss up to 52,240 as soon as the contract goes up to 52,280. Move the stop-loss up to 52,320 when the contract touches 52,360. Exit the long positions at 52,400.
Supports: 51,900, 51,800
Resistances: 52,200, 52,700
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