Nifty Bank opened today’s session with a gap-up at 48,760 versus yesterday’s close of 48,490. It is now hovering around 48,580, up 0.2 per cent.
The advance/decline ratio stands at 9/2, giving the index a bullish bias. Axis Bank, up 2 per cent, is the top gainer, whereas HDFC Bank, down 0.6 per cent, is the top loser.
Nifty PSU Bank is up 0.9 per cent whereas Nifty Private Bank is up 0.4 per cent. Broadly, the public sector banks are outperforming their private peers.
- Also read: Nifty prediction today – March 6, 2025: Index futures might resume the downtrend, go short
Nifty Bank futures
Nifty Bank futures (March contract) opened today’s session higher at 48,895 against yesterday’s close of 48,715. It is now trading at 48,770, up 0.1 per cent.
The contract faces a resistance ahead at 49,000. If this level is breached, the trend can turn positive. In such a case, Nifty Bank futures can rise to 49,600 and then to 50,000.
On the other hand, if the contract declines from the current level, it can fall to 48,150. Support below 48,150 is at 47,800.
Trading strategy
Short Nifty Bank futures now at 48,770. Target and stop-loss can be 48,150 and 49,150 respectively.
Supports: 48,150 and 47,800
Resistances: 49,000 and 49,600