Comments
Bank Nifty July Futures (44,800)
Bank Nifty is trading at 44,660, down 0.68 per cent. The advance/decline ratio at 1:11 indicates broad based weakness in the index. Bandhan Bank and Federal Bank stocks are down over one per cent each. IDFC First Bank, up 0.17 per cent, is the only stock that is in green among index constituents.
Outlook
The Bank Nifty Index has been struggling to breach 45,000 over the last few days. The sharp fall today leaves the outlook negative. The index can fall to 44,300 and even to 44,000 in the coming sessions.
Bank Nifty Futures
The Bank Nifty August Futures (44,800) is down 0.55 per cent. Strong intraday resistance is in the 44,900-44,930 region. The contract can fall to 44,600-44,500 in the coming sessions.
Trade Strategy
Traders can go short now and on a rise at 44,880. Keep the stop-loss at 44,940. Trail the stop-loss down to 44,780 as soon as the contract falls to 44,740. Move the stop-loss down to 44,710 when the contract touches 44,670 on the downside. Exit the shorts at 44,620.
Supports: 44,600, 44,500
Resistances: 44,930, 45,070
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.