Nifty Bank opened today’s session lower at 49,314 versus yesterday’s close of 49,570. It dropped further after opening and is currently trading around 49,280, down 0.6 per cent.
Even though the index is down at the moment, the advance/decline ratio stands at 9/3, showing some positive inclination. Punjab National Bank (up 1.4 per cent) and HDFC Bank (down 2 per cent) are the top gainer and loser respectively.
Nifty PSU Bank has advanced 0.7 per cent so far today whereas Nifty Private Bank is down 0.6 per cent. The latter has lost more predominantly due to a fall in HDFC Bank.
- Also read: Nifty Prediction today – February 20, 2025: Trades in a range, stay out for now
Bank Nifty futures
Nifty Bank futures (February contract) opened today’s session lower at 49,445 against yesterday’s close of 49,631. It is now trading at 49,400, down 0.5 per cent.
The contract, which fell over the past two weeks, found support at 49,000. Although this has been holding well over the past few sessions, Nifty Bank futures is yet to generate enough momentum for a rally.
The nearest notable barrier is at 50,000. Only a decisive breach of this can turn the outlook positive. A breakout of 50,000 can lead to an upswing to 51,350.
On the other hand, if Nifty Bank futures slip below the support at 50,000, it can decline to 48,500 and then possibly to 48,000.
Trading strategy
At this juncture, there is no clarity with respect to trend. Hence, traders can stay out.
Supports: 50,000 and 48,500
Resistances: 50,000 and 51,350
