Updated - May 14, 2024 at 11:03 AM.
Nifty PSU Bank is up 0.4 per cent whereas Nifty Private Bank is down 0.1 per cent
Bank Nifty futures (47,950)
Bank Nifty, after appreciating 0.7 per cent yesterday, opened nearly flat today. It began at 47,749 versus yesterday’s close of 47,754. But it moderated a bit and is now hovering around 47,700, down 0.15 per cent.
Nevertheless, the advance/decline ratio stands at 8/4. IndusInd Bank, up 0.5 per cent, is the top gainer whereas Axis Bank, down 0.9 per cent, is the top loser.
At the moment, the public sector banks are outperforming their private peers. Nifty PSU Bank is up 0.4 per cent whereas Nifty Private Bank is down 0.1 per cent.
Note that the price region between 47,800 and 48,000 is a resistance band. So, there is a chance for fresh sellers to come in.
Bank Nifty futures
Bank Nifty futures (May contract) began today’s session at 48,075 versus yesterday’s close of 48,004. It is now trading at 47,950, down 0.1 per cent.
The contract faces a resistance in the 48,000-48,100 range. If these levels are invalidated, Bank Nifty futures will be able to rally to 48,500 or even to 49,000.
However, if there is a decline from the current level, the contract can find support at 47,500. Subsequent support is at 47,200.
Trading strategy
Stay on the fence for now4. Initiate trade along the direction of the break of the range 47,850-48,100.
Supports: 47,500 and 47,200
Resistances: 48,100 and 48,500
