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Bank Nifty index has begun the week on a positive note. Unlike the Nifty 50 which is struggling to rise further, the Bank Nifty index is retaining its momentum and has risen further today. The index is trading at 49,319, up 0.71 per cent. The advances/declines ratio is at 10:2. This is bullish.
Bank Nifty index outlook
The outlook is bullish. Strong support is in the 49,100-48,900 region. The Bank Nifty index can rise to 50,000 in the coming sessions.
The above-mentioned rise will get delayed if the index declines below 48,900. If that happens, then 48,600 can be seen on the downside during the day.
Bank Nifty Futures
The Bank Nifty May (49,434) is up about 0.8 per cent. Support is in the 49,250-49,100 region. The Bank Nifty May Futures contract can rise to 49,900-50,000 in the coming sessions.
The near-term outlook will turn negative only if the contract breaks below 49,100. Such a break can drag the contract down to 49,600.
Trade Strategy
Traders can go long now at 49,434. Accumulate on dips at 49,300. Keep the stop-loss at 49,080. Trail the stop-loss up to 49,485 as soon as the contract rises to 49,600. Move the stop-loss further up to 49,700 when the contract moves up to 49,850. Exit the longs at 49,950.
Supports: 49,250, 49,100
Resistances: 49,900, 50,000
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