Bank Nifty opened at 45,449 points today, lower than Tuesday’s closing price of 45,511 points. The index is currently trading around 45,360 points, down 0.3% after the opening bell.
The index has an advance/decline ratio of 2/10, indicating a bearish bias. Kotak Mahindra Bank (up 0.5%) and HDFC Bank (up 0.2%) were the two gainers on the Bank Nifty so far.
Nifty PSU Bank fell 0.6%, while Nifty Private Bank fell 0.4%.
Bank Nifty Futures
Like the underlying Bank Nifty, the index’s September futures opened lower at 45,578 points, compared with yesterday’s close of 45,628 points. The contract is currently trading at 45,575.
Although Bank Nifty futures faced selling pressure yesterday, the overall bias was bullish. The contract has good support at 45,400 and the short-term bias is bullish until it holds that level. Support below 45,400 is 45,200.
On the other hand, immediate support is at 45,800 points. The subsequent support level is 46,000 points.
As things stand, chances of upside are high as Bank Nifty futures are currently trading at 45,575 with support at 45,400.
Therefore, traders can consider buying Bank Nifty futures now at 45,575 and add to longs if the price drops to 45,400. Set stop loss at 45,200 points.
When the contract hits 45,800, stop loss is tightened to 45,600. Book profit is 45,950.
support: 45,400 and 45,200
resist: 45,800 and 46,000