Bank Nifty has been struggling to breach the key 45,000 mark. The index made a high of 45,002 in the early trades today and has come down from there. It is currently trading at 44,909, up 0.06 per cent. The advance/decline ration is 7:5 and keeps the bias positive. Bandhan Bank, up 1.4 per cent is the outperforming stock within the index.
Outlook
The level of 45,000 is a very crucial resistance for the Bank Nifty index. A sustained rise above this hurdle can take the index up to 45,200 initially. A decisive break above 45,200 will boost the bullish momentum and will clear the way for 46,000 over the short-term.
As long as the Bank Nifty index stays below 45,000, it can fall to 44,700-44,680 during the day. It will also keep the 43,650-45,000 range intact.
Bank Nifty Futures
The Bank Nifty September Futures (44,876) is trading flat. Important resistance is at 45,250. The contract has to break above this resistance to gain bullish momentum. Such a break can take the Bank Nifty Futures contract up to 45,800 and 46,000 going forward.
Intraday support is at 44,880. A break below it can drag the Bank Nifty September Futures down to 44,500 and even lower.
Trade Strategy
We suggest traders to stay out of the market today.
Supports: 44,880, 44,500
Resistances: 45,200, 45,500