Bank Nifty October futures (52,025)
The Bank Nifty index has been oscillating around 52,000 over the last few sessions. The index touched a high of 52,257 in early trades and has come down from there. It is currently trading at 51,932, down 0.05 per cent. The advances/ declines ratio is at 3:9. This can keep the bias negative.
Bank Nifty outlook
Strong resistance is around 52,200. The bank Nifty (51,932) index has to breach this resistance to gain bullish momentum. Only then will a rise to 52,700-52,800 come into the picture.
Support is around 51,700. A break below it can take the index down to 51,500-51,400.
For now, 51,700-52,200 will be the trading range. A break-out on either side of this range will determine the next move.
Bank Nifty futures
The Bank Nifty October futures (52,025) is down marginally by 0.05 per cent. The contract has support at 51,800-51,700 which can be tested during the day if the contract dips below 51,900 from here.
Resistance is around 52,350. A strong break above it can take the contract up to 52,850-52,900 this week.
Trade Strategy
Traders can stay out of the market for now.
Supports: 51,950, 51,800
Resistances: 52,350, 52,850