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Bank Nifty September Futures (51,259)
Bank Nifty index is managing to hold above 51,000. However, the index seems to lack strong follow-through buying. The index is currently trading at 51,158, up 0.08 per cent. The advances/declines ratio is at 7:5. This leaves the bias positive.
Bank Nifty outlook
Support is in the 51,000-50,950 region. Resistance is around 51,250. A strong rise above 51,250 is needed to strengthen the bullish case. Only then a rise to 51,450 and higher levels will come into the picture.
But as long as the index stays below 51,250, the bias will remain negative. As such there is danger of seeing a break below 50,950. Such a break can drag the Bank Nifty index down to 50,650 and even lower in the coming sessions.
Bank Nifty Futures
The Bank Nifty September Futures (51,259) is trading flat. The contract has come down from a high of 51,427.
The immediate outlook is mixed. There can be a broad range of 51,000 to 51,450. A breakout on either side of this range will determine the next move. A break below 51,000 will be bearish to see 50,800 and lower levels. On the other hand, a decisive break above 51,450 can take the contract up to 51,750.
Trade Strategy
Since we expect the Bank Nifty Futures contract to oscillate in a wide range, we suggest traders to stay out of the market.
Supports: 51,000, 50,800
Resistances: 51,450, 51,750
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