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Bank Nifty futures (47,150)
Bank Nifty began today’s session significantly lower at 46,573.95 compared to yesterday’s close of 48,125.10. The index is now trading around 46,970, down 2.4 per cent.
The advance/decline ratio of the index stands at 2/10. IDFC First Bank, up 0.2 per cent, and Punjab National Bank, up 0.1 per cent, are the gainers so far. HDFC Bank, down 5.7 per cent, is the top loser.
Nifty PSU Bank is down 0.7 per cent whereas Nifty Private Bank has lost 2.2 per cent, largely due to the sharp fall in the price of HDFC Bank.
Bank Nifty futures (January expiry) opened today’s session with a gap-down at 47,015.20 as against yesterday’s close of 48,224.95. The contract is now hovering around 47,150, down 2.2 per cent.
The contract has slipped below a support at 47,350. Consequently, the bias has turned bearish. Though 47,000 can offer support for Bank Nifty futures, there is a good chance for the contract to fall below this. Support below 47,000 are at 46,800 and 46,500.
On the other hand, if there is a recovery from the current level, 47,350 can block the bulls. If this level is taken out, Bank Nifty futures can rally to 48,000.
Since the price action is bearish, traders can short Bank Nifty futures now at 47,150 and on a rally to 47,300. Place stop-loss at 47,500. Book profits at 46,800.
Supports: 47,000 and 46,800
Resistances: 47,350 and 48,000
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Bank Nifty prediction today – Jan 17, 2024: Slips below a support, consider shorts – BusinessLine
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