Bank Nifty futures (47,650)

Bank Nifty opened today’s session with a gap-up at 47,538.60 versus yesterday’s close of 47,360.85. The index is now at 47,500, up 0.3 per cent.

The advance/decline ratio stands at 9/3. Bandhan Bank, up 2 per cent, is the top gainer whereas Federal Bank, down 0.3 per cent, is the top loser.

Nifty PSU bank has appreciated 0.9 per cent whereas Nifty Private bank is up 0.4 per cent.

Bank Nifty futures

Bank Nifty futures (January expiry) opened today’s session higher at 47,767.40 versus yesterday’s close of 47,606.85. It is now trading around 47,650, up 0.1 per cent.

Although the contract bounced off the support at 47,500 yesterday, it is struggling to produce a follow through rally.

From the current level, there is resistance at 47,850 and 48,000. On the other hand, the nearest support can be spotted at 47,500 and 47,000.

Trading strategy                          

Intraday trend appears unclear. There is a chance for Bank Nifty futures to chart a sideways trend. So, refrain from trading today.

Supports: 47,500 and 47,000

Resistances: 47,850 and 48,000

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