Bank Nifty September Futures (51,573)
Bank Nifty index has come down giving back all the gains after opening the day with a gap-up. The index touched a high of 51,579.50 at the opening trades and has come down from there.
It is currently trading at 51,561, down 0.2 per cent. The advances/declines ratio is at 7:5. This is positive as of now. But if the ratio turns down in favour of the declines, then that would be negative for the index.
Bank Nifty index outlook
Bank Nifty index has supports at 51,300 and 51,250 which can be tested during the day. It will have to be seen if the index manages to bounce back from either of these supports. Such a bounce can keep the sentiment positive. It can then take the Bank Nifty index up to 51,500-51,550.
But if the index declines below 51,250. The outlook will turn negative for a fall to 51,000.
Bank Nifty futures
The Bank Nifty September Futures (51,573) is down 0.18 per cent for now. Immediate support is at 51,530. A break below it can take the contract down to 51,380.
On the other hand, if the contract manages to sustain above 51,530 and bounces back, it can rise back to 51,700 and 51,800 again.
It is a wait and watch situation for now.
Trade strategy
Traders can stay out of the market. See how the index closes for the day today to get clarity of the direction of move. Trades can be taken accordingly tomorrow.
Supports: 51,530, 51,380
Resistances: 51,700, 51,800