Bank Nifty opened at 46,101 points today, while it closed at 46,232 points on Friday. It has now recovered somewhat, reaching 46,150. Note that the overall trend remains bullish.
The advance/down ratio is 5/7, showing a bearish bias. Punjab National Bank was the top performer, rising 3.9%, while IDFC First Bank was the top loser, down 1%.
Nifty PSU Bank Index rose 2.2%. On the other hand, Nifty Private Bank Index fell 0.4%.
Nifty Bank Futures
Like the underlying Bank Nifty, the index’s September futures opened at 46,195 points, compared with last week’s close of 46,288 points. The current trading price is 46,230.
From current levels, the nearest support is 46,100. Support below this level is 45,900 points. On the other hand, the nearest resistance level for this contract is 46,350. Subsequent resistance is 46,500 points.
Taking into account the overall upward trend, we expect the contract to resume its upward trend at the support level of 46,100 points.
Trading straregy
When the contract price weakens to 46,100, consider initiating intraday longs. The target price and stop-loss price are 46,450 points and 45,930 points respectively.
support: 46,100 and 45,900
resist: 46,350 and 46,500
