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Bank Nifty October Futures (52,135)
Bank Nifty index is trading flat. It is currently trading at 51,902. The advances/declines ratio is currently at 4:8. This can keep the bias negative for the day.
Bank Nifty Outook
The Bank Nifty index has been range bound between 51,700 and 52,050. As long as the index sustains above 51,700 the bias is positive. As such we can expect a break above 52,050 in the coming sessions. Such a break can take the index up to 52,400 and higher.
The bias will turn negative only if the index declines below 51,700. In that case, a fall to 51,400 and lower can happen.
Bank Nifty Futures
The Bank Nifty October Futures (52,135) is trading flat. The trading range for now is 51,800-52,250.
As long as the contract stays above 51,800, the bias will be positive to break 52,250. Such a break can take the Bank Nifty October Futures contract up to 52,600-52,700
On the other hand, a break below 51,800 can drag it down to 51,500 and even 51,200.
Trade Strategy
Trader can stay out of the market. Go long only on a break above 52,250. Keep the stop-loss at 52,180. Trail the stop-loss up to 52,280 as soon as the contract goes up to 52,320. Move the stop-loss further up to 52,400 when the contract touches 52,450. Exit the longs at 52,550.
Supports: 52,000, 51,800
Resistances: 52,250, 52,600
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