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Bank Nifty February futures (45,470)
The Bank Nifty index is trading lower. The index inched up initially in opening trades, but failed to get a strong follow-through rise. It touched a high of 45,748 and has come down from there. The Bank Nifty index is currently trading at 45,385, down 0.55 per cent. The advances/ declines ratio is 2:10. This is negative. It indicates inherent weakness in the index.
The trend on the intraday charts is down. Resistance is in the 45,750-45,800 region, which has held very well. Intraday resistance can be in the 45,500-45,550 region.
The outlook is bearish. The Bank Nifty index can fall to 45,000-44,900 during the day. A break below 44,900 can drag it down to 44,600 and even lower going forward.
The Bank Nifty February futures (45,470) is down 0.93 per cent. Resistances are at 45,750 and 46,000. The contract can fall to 45,000 and even lower in the coming sessions.
A strong rise above 46,000 is needed to negate the above-mentioned fall and turn the outlook positive. But that looks unlikely at the moment.
Traders can go short now. Accumulate on a rise at 45,600. Keep a stop-loss at 45,800. Trail the stop-loss down to 45,420 as soon as the contract falls to 45,340. Move the stop-loss further down to 45,240 when the contract touches 45,180 on the downside. Exit the short positions at 45,050.
Supports: 45,000, 44,800
Resistances: 45,750, 46,000
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Bank Nifty prediction today – February 12, 2024: Further fall on the cards. Go short – BusinessLine
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