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Bank Nifty index has risen and recovered some of the loss incurred on Monday. The index is currently trading at 45,370, up 1.09 per cent. The advance-decline ratio is at 10:2. This is a positive. But it is important to see if the stocks can sustain their position.
Strong resistance is in the 45,600-45,650 region. The index can rise to test this resistance zone during the day. But thereafter we can expect the Bank Nifty index to reverse lower and resume the downtrend. That leg of fall can drag the Bank Nifty index down to 45,100 and 44,700 again.
A decisive break above 45,650 is needed to turn the outlook positive. Only then will doors open for a rise to 46,000 and beyond.
The Bank Nifty February futures (45,600) is up 1.1 per cent. The contract has resistance in the 45,750-45,800 region. An intraday rise is likely to test this resistance zone. But the contract may decline again from around 45,800 to 45,000 and even 44,800 in the coming sessions.
Traders can wait for a rise. Go short at 45,730 and 45,780. Keep the stop-loss at 45,860. Trail the stop-loss down to 45,680 as soon as the contract falls to 45,570. Move the stop-loss further lower to 45,480 when the contract touches 45,350. Exit the shorts at 45,100.
Nifty prediction today – February 13, 2024: Wait for rise to take fresh short positions
Rupee down a shade at 83.01 against dollar in early trade
Stocks experience mixed performance as Nifty dips slightly
Supports: 45,000, 44,800
Resistances: 45,750, 45,850
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Bank Nifty prediction today – February 13, 2024: Can rise before a fall – BusinessLine
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