Nifty Bank March Futures (48,585)
Nifty Bank index opened with a gap-down but then managed to bounce back recovering most of the loss. The index is currently trading at 48,460, down 0.08 per cent. The advances/declines ratio is at 3:9. This leaves the bias negative and indicates that the bounce may not sustain.
Nifty Bank index outlook
The immediate outlook is unclear. Support is in the 48,300-48,250 region. Resistance is around 48,750. We can expect the index to oscillate in between 48,250 and 48,750. A breakout on either side of 48,250-48,750 will then determine the next move.
A decisive break above 48,750 will be bullish to see 49,000-49,100. It will also open the doors to see 49,500-49,700 on the upside going forward this week.
On the other hand, if the Nifty Bank index breaks below 48,250, it can fall to 48,000-47,850 again.
Nifty Bank Futures
The Nifty Bank March Futures (48,585) is down 0.2 per cent. A crucial support is at 48,480. A break below it can drag the contract down to 48,350 and even down to 48,200-48,150 in the coming sessions.
On the other hand, if the contract manages to sustain above 48,480, and bounces back, it can go up to 48,900-49,000. A decisive break above 49,000 is needed to boost the bullish momentum and take it towards 49,200 and higher.
Trade Strategy
Since the immediate outlook is unclear, we suggest traders to stay out of the market today.
Supports: 48,480, 48,350
Resistances: 48,900, 49,000
