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Bank Nifty opened today’s session lower at 45,881 as against yesterday’s close of 45,963. The index is now trading near 45,750, down 0.45 per cent.
The advance-decline ratio stands at 2:10, giving the index a bearish bias. Axis Bank, down 1.5 per cent, is the top loser followed by Federal Bank, which has lost 1.1 per cent.
While both private and public sector banks are facing selling pressure, the former is impacted more. Nifty Private bank and Nifty PSU bank are down 0.6 and 0.4 per cent, respectively.
Bank Nifty futures (February expiry) began today’s session at 45,828 versus yesterday’s close of 45,852. It has now dropped to 45,730, down 0.2 per cent.
Since the February contract closed below 46,000 yesterday, the bias is bearish. Bank Nifty futures is highly likely to near 45,000 in a day or two.
Nifty prediction today — February 29, 2024: Bearish. Go short now, and on a rise
Investors navigate volatility as market reacts to global economic indicators; Nifty holds steady
Nifty may see a gap-down opening of 100 points
Since today is expiry, traders can consider March futures of Bank Nifty, which is currently hovering near 46,200. It broke below the support at 46,500 yesterday and is likely to decline to 45,500 in the short term.
For Bank Nifty March futures to turn bullish, the price should break out of 46,500.
Short March expiry Bank Nifty futures now at 46,200 and place stop-loss at 46,600. Book profits at 45,500.
Supports: 45,500 and 45,000
Resistance: 46,500 and 46,800
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Bank Nifty prediction today — Feb 29, 2024: Breaches a support; go short – BusinessLine
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