Bank Nifty index is down about 0.1 per cent. The index is currently at 45,534. The advance/decline ratio is at 3:9. It indicates broader weakness in the index. ICICI Bank is up 0.6 per cent. Federal Bank and Punjab National Bank are down over 2 per cent.
Outlook
Bank Nifty (45,530) has an immediate support at 45,400. A break below it can drag the index down to 45,100-45,000. If the index manages to sustain above 45,400, it can rise back to 45,850-45,900. We will have to wait and watch.
Bank Nifty futures
The Bank Nifty September Futures (45,684) is down 0.04 per cent. Support is at 45,450. A break below it can take the contract down to 45,250 and lower. If the contract sustains above this support and gains momentum, it can rise back to 46,000. At the moment it is not clear which way the contract may move.
Trade strategy
Since the immediate outlook is not very clear, we suggest traders stay out of the market.
Supports: 45,450, 45,250
Resistances: 45,800, 46,000