Nifty Bank March Futures (48,250)
Nifty Bank index is trading higher. The support at 47,700 was tested on Tuesday and that is holding very well. The index has risen back above 48,000 and is now trading at 48,190, up 0.7 per cent. The advances/declines ratio is at 6:6. This is currently mixed.
Nifty Bank outlook
On the charts, the intraday picture is positive. Support is in the 48,000-47,900 region. The index can rise to 48,400 initially. A break above 48,400 can then that it further up to 48,600-48,700 in the coming sessions.
The index will come under pressure to revisit 47,700 only if it declines below 47,900.
Nifty Bank Futures
The Nifty Bank March Futures (48,250) is up 0.53 per cent. The contract has support at 48,170. It can rise to test 48,430-48,450 during the day. Failure to rise past 48,450 can drag it down to 48,200-48,100 again.
But a break above 48,450 will be bullish to see 48,700-48,900 on the upside.
Trade Strategy
Traders can go long now at 48,250 and accumulate on dips at 48,200. Keep the stop-loss at 48,140. Trail the stop-loss up to 48,280 as soon as the contract goes up to 48,340. Move the stop-loss further up to 48,340 when the contract touches 48,390. Exit the long positions at 48,430.
Supports: 48,170, 47,900
Resistances: 48,450, 48,700
