Bank Nifty April Futures (47,862)
Bank Nifty index is trading higher today. The index has risen very well above the key intermediate resistance level of 47,400. It is currently trading at 47,560, up 0.93 per cent. The advance/decline ratio is at 12:0. This indicates the strength in the index. It also leaves the outlook bullish for the day. If this sustains, then the index can see more rise during the day.
Bank Nifty index outlook
The break above 47,400 is a positive. That will keep the outlook bullish. The region between 47,400 and 47,350 will now act as a strong support now. We can expect the Bank Nifty index to move up to 47,750 and 47,850 in the coming sessions.
The index will come under pressure only if it declines below 47,350. In that case, a fall to 47,000 is possible.
Bank Nifty Futures
The Bank Nifty April Futures (47,862) is up 0.66 per cent. Support is in the 47,750-47,700 region. We can expect the contract to rise to 48,000 and 48,400 in the coming sessions.
Only a fall below 47,700 will negate the above-mentioned rise. If that happens, the contract can fall to 47,500-47,300.
Trade Strategy
Traders can go long now. Accumulate on dips at 47,780. Keep the stop-loss at 47,650. Trail the stop-loss up to 47,830 as soon as the contract moves up to 47,940. Move the stop-loss further up to 48,120 when the contract touches 48,230. Exit the longs at 48,300.
Supports: 47,700, 47,500
Resistances: 48,000, 48,400