Nifty Bank March Futures (48,265)
The Nifty Bank index has declined below the psychological 48,000 level. It is currently trading at 47,983, down 0.7 per cent. The advances/declines ratio is at 1:11. This clearly indicates that the sentiment is bearish.
Nifty Bank index outlook
The Nifty Bank index has declined below the key support zone of 48,200-48,000. So, a bounce above 48,000 can be capped at 48,200 now. Outlook is negative. The index can fall now to 47,700 from here.
Nifty Bank Futures
The Nifty Bank March Futures (48,265) is down 0.75 per cent. The contract has resistance in the 48,350-48,450 region which can cap the upside for the day.
Intraday support is at 48,100 which is holding for now. A break below it can take the contract down to 47,800 in the coming sessions.
Trade Strategy
Traders can go short on a break below 48,100. Keep the stop-loss at 48,180. Trail the stop-loss down to 48,040 as soon as the contract falls to 47,980. Move the stop-loss further down to 47,910 when the contract falls to 47,880. Exit the shorts at 47,850
Supports: 48,100, 47,800
Resistances: 48,350, 48,600
