Bank Nifty Prediction Today–January 05, 2024: Bullish. Go long now and accumulate on dips

Bank Nifty January Futures (48,487)

The Bank Nifty index is trading higher. It is currently at 48,275, up 0.17 per cent. The advance/decline ratio is at 7:5. The bias is positive.

Outlook

Though the index is sustaining above 48,200, it is not getting a strong follow-through rise. However, the broad 48,200-48,100 region will be a very good support for the day. As long as the index stays above this support zone, the outlook will be bullish. As such, we see good chances for the Bank Nifty index to rise towards 48,600 in the coming sessions.

The bullish outlook will get negated only if the index declines below 48,100. In that case, a fall to 47,900-47,700 can be seen.

Bank Nifty Futures

The Bank Nifty January Futures (48,487) is marginally down. But support is there in the 48,400-48,300 region. We expect the contract to rise back and break above 48,600. Such a break can take the Bank Nifty January Futures contract up to 48,800 in the coming sessions.

Also read: Nifty Prediction Today–January 05, 2024: Go long on a break above 21,830

The bullish view will go wrong if the contract breaks below 48,300. Such a break can take the contract down to 48,100-48,000.

Trade Strategy

Traders can go long now and accumulate on dips at 48,440. Keep the stop-loss at 48,270. Trail the stop-loss up to 48,530 as soon as the contract moves up to 48,580. Move the stop-loss further up to 48,640 when the contract touches 48,690. Exit the long positions at 48,770.

Supports: 48,300, 48,100

Resistances: 48,600, 48,800

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