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Bank Nifty futures (46,150)
Bank Nifty opened today’s session with a gap-up at 45,945 versus yesterday’s close of 45,691. The index is now hovering around 45,880, up 0.4 per cent.
The advance/decline ratio of Nifty 50 stands at 9/3, giving it a bullish bias. State Bank of India, up 2.7 per cent, is the top gainer whereas ICICI Bank, down 0.7 per cent, is the top loser.
Broadly public sector banks are outperforming their private sector peers. Nifty PSU Bank has gained 2.2 per cent and Nifty Private Bank index is up 0.2 per cent.
Bank Nifty futures (February expiry) began today’s session higher at 46,201 compared to yesterday’s close of 45,971. It is now trading around 46,150, up 0.4 per cent as the initial hour of trade.
Yesterday, Bank Nifty futures found support at 45,800 and has bounced off this level today. But there is a hurdle at 46,300, which should be breached to call the intraday trend bullish.
If such a breakout occurs, the contract can rally to 46,800 and to 47,000. But if Bank Nifty futures falls and breaks below 45,800, it can see a downtrend to 45,000. Note that 45,400 is a minor support.
Stay out for now. Buy Bank Nifty futures if it moves above 46,300. Intraday target and stop-loss can be at 46,800 and 46,100 respectively.
Supports: 45,400 and 45,000
Resistances: 46,300 and 46,800
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Bank Nifty prediction today – Feb 07, 2024: Intraday trend unclear, buy if there is a breakout – BusinessLine
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