Bank Nifty opened today’s session slightly higher at 44,054 against yesterday’s close of 43,988. After marking a high of 44,077, the index made a U-turn and is now trading around 43,920, indicating that the banking index is struggling even as the benchmark Nifty 50 is on a rally.

The market breadth of the Bank Nifty is indicating bearish sentiment as the advance/decline stands at 5/7. IDFC First Bank is the top performer by appreciating 3.5 per cent, whereas IndusInd Bank is the top loser, down by 1.75 per cent.

While Nifty PSU Bank index is flat, Nifty Private Bank index has lost about 0.25 per cent so far.

Bank Nifty futures

The June expiry futures of Bank Nifty opened the day almost flat at 44,150 against yesterday’s close of 44,144. It has now declined to 44,040.

The contract has slipped below a support at 44,070. Nevertheless, there is another good support at 43,900.

Also read: Nifty prediction today – June 15, 2023: Bulls charging ahead

As a result, we might not see a sharp fall until the support at 43,900 holds true. If this support level gets breached, there might be a swift fall towards the support band of 43,500-43,600.

On the other hand, if there is a recovery from this level, the Bank Nifty futures is likely to face hurdles at 44,300 and 44,400. Subsequent resistance is at 44,500.

Trading strategy

Bank Nifty futures lack direction and the probability is high for the contract to stay sideways through the day. We recommend traders to avoid trading in the Bank Nifty futures.

Supports: 43,900 and 43,500

Resistances: 44,300 and 44,400

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