Nifty Bank opened today’s session lower at 49,128 versus yesterday’s close of 49,335. It dropped further after opening and is currently trading around 48,850, down 1 per cent.
All 12 stocks in the index are in the red. ICICI Bank and Bank of Baroda, down 1.5 and 1.4 per cent respectively, are the top losers.
Nifty PSU Bank and Nifty Private Bank have lost 1 per cent each.
Bank Nifty futures
Nifty Bank futures (February contract) opened today’s session lower at 49,300 against yesterday’s close of 49,473. It is now trading at 49,000, down 1 per cent.
The contract fell off the resistance at 49,500 and is currently trading at 49,000. At this juncture, the price action indicates higher chances of a fall from the current level.
From the current level, it can decline to 48,500. On the other hand, if the contract rises, it can face barrier at 49,300 and 49,500.
Trading Strategy
Short Nifty Bank futures now at 49,000 and 49,300. Place stop-loss at 49,500. Exit at 48,500.
Supports: 48,500 and 48,000
Resistance: 49,300 and 49,500