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Bank Nifty began today’s session considerably higher at 46,895.90 versus Monday’s close of 46,431.40. It is now at 47,130, up 1.5 per cent.
Reinforcing the bullish bias, 11 out of 12 stocks in the index have appreciated so far today. IDFC First Bank, up 4.1 per cent, is the top gainer, followed by Federal Bank, which is up 2.3 per cent.
While both public and private sector banks are performing well today, the former has g an edge. Thus, Nifty PSU bank index has advanced 1.9 per cent and Nifty Private bank index has rallied 1.2 per cent.
Bank Nifty futures (December expiry) opened today’s session with a gap-up at 46,854.45 versus yesterday’s close of 46,659.55. It is now hovering at 47,250, up 1.3 per cent.
The bias is bullish and there are no signs of a reversal. We anticipate Bank Nifty futures to appreciate to 48,000. The likely resistance above this is 48,200.
Nifty prediction today – December 5, 2023: Bulls on a roll, consider longs
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At the other end, the contract has its nearest support at 47,000 and thenat 46,800.
Broadly, the inclination is bullish, so traders can consider long positions.
Buy Bank Nifty futures now at 47,250. Add longs if the price dips to 47,030. Place stop-loss at 46,750.
When the contract crosses 47,500, tighten the stop-loss to 47,300. Raise the stop-loss further to 47,600 when the price touches 47,800. Book profits at 47,950.
Supports: 47,000 and 46,800
Resistance: 48,000 and 48,200
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Bank Nifty prediction today — December 5, 2023: Bulls in command; go long on dips – BusinessLine
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