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Bank Nifty has opened the week on a positive note. The index is trading at 45,410, up 0.56 per cent. The advance/decline ratio is at 11:1. It indicates the broader strength in the index and leaves the bias positive. IndusInd Bank, down 0.28 per cent is the only stock that is in red within the index. Punjab National Bank stock, up 2.24 per cent is outperforming the others in the index.
Outlook
The strong rise above 45,000 is bullish. Strong support will now be in the 45,200-45,100 region. The Bank Nifty index can rise to 45,750-45,800 in the coming sessions.
The index has to fall below 45,000 to become bearish. But that looks less probable.
Bank Nifty Futures
The Nifty Bank September Futures (45,535) is up 0.48 per cent. Outlook is bullish. Intraday supports will be at 45,400 and 45,250. The contract can rise to 45,950-46,000 in the coming sessions.
A strong fall below 45,250 will be needed to bring the contract under pressure. In that case, a fall to 45,000 and 44,700 is possible.
Trade Strategy
Traders can go long on dips at 45,450 and 45,350. Keep the stop-loss at 45,200. Trail the stop-loss up to 45,500 as soon as the contract moves up to 45,580. Move the stop-loss further up to 45,680 when the contract touches 45,750. Exit the long positions at 45,850.
Supports: 45,400, 45,250
Resistances: 45,750, 45,900
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