Nifty Bank February futures (49,135)
Nifty Bank index continues to fall. The index opened with a gap-down at 48,880 and fell to a low of 48,525 in the early trades. It has now recovered slightly from there and is currently trading at 48,930, down 0.30 per cent. The advances/declines ratio is at 6:6. This gives a mixed signal and indicates that the index can go either way from here.
Nifty Bank index outlook
The trend is down. Immediate resistance is at 49,000. Above that 49,500 is the next important resistance. The upside is likely to be capped at 49,500. A strong break above 49,500 is needed turn the near-term outlook bullish and take the index up to 50,000-50,500.
Support is in the 48,600-48,500 region. A break below 48,500 can drag the index down to 48,000 and even lower.
- Also read: Nifty Prediction today – Feb 17, 2025: Index slips below a support, may see more intraday decline
Nifty Bank futures
The Nifty Bank February futures (49,135) is down 0.40 per cent. The contract fell to a low of 48,709 and then has risen back from there. If this bounce sustains, there are good chances to see a rise to 49,500-49,600 during the day. But thereafter, the index can reverse lower again and fall back to 49,000-48,800.
Support is at 48,700. A break below it can take the contract down to 48,200-48,100.
Trading strategy
Since the trend is down, wait for a rise. Go short at 49,350 and 49,550. Keep the stop-loss at 49,750. Trail the stop-loss down to 49,200 as soon as the contract falls to 49,100. Move the stop-loss further down to 49,050 when the contract touches 48,900. Exit the short positions at 48,800.
Supports: 48,700, 48,200
Resistances: 49,250, 49,600
