Nifty Bank opened today’s session with a gap-up at 49,948 versus yesterday’s close of 49,703. It is now at 49,840, up 0.3 per cent so far today.
The advance/decline ratio stands at 9/3, indicating a positive bias. IDFC First Bank, up 0.9 per cent, is the top gainer whereas AU Small Finance Bank, down 1 per cent, is the top loser.
Nifty PSU Bank has advanced 0.25 per cent whereas Nifty Private Bank has gained 0.2 per cent.
Nifty Bank futures
Nifty Bank futures (March contract) opened today’s session higher at 50,000 against yesterday’s close of 49,808. It is now trading around 49,920, up 0.25 per cent so far today.
The contract is now hovering around the key level of 50,000. A clear breakout of this can result in another leg of rally, potentially to 50,250 and 50,500.
On the other hand, if Nifty Bank futures drops from the current level, it can find support at 49,600 and 49,300.
Trading strategy
Buy Nifty Bank futures if it breaks out of 50,000. Target and stop-loss for intraday can be 50,250 and 49,880 respectively.
Supports: 49,600 and 49,300
Resistance: 50,250 and 50,500
