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Bank Nifty futures (46,090)
Bank Nifty began today’s session significantly lower at 45,492.75 as against yesterday’s close of 46,064.45. It is currently hovering around 45,900, down 0.4 per cent.
Even as the index is trading lower compared to yesterday’s close, the advance/decline ratio stands at 8/4. Axis Bank, up 1.7 per cent, is the top gainer whereas HDFC Bank, down 2.2 per cent, is the top loser.
Nifty PSU bank is down 0.2 per cent whereas Nifty Private bank is down 0.4 per cent.
Bank Nifty futures (January expiry) opened today’s session with a gap-down at 45,699.95 versus yesterday’s close of 46,159.25. It is now hovering around 46,090, down 0.2 per cent.
The contract recovering above 46,000 is a positive sign. If the upswing continues, it can rally to 46,500, the nearest possible resistance. Subsequent resistance is at 46,800.
On the other hand, if Bank Nifty futures fall from the current level, it can find support at 45,600. Subsequent support is at 45,200.
Go long on Bank Nifty futures above 46,200 with a stop-loss at 45,900. Exit at 46,800.
Supports: 45,600 and 45,200
Resistances: 46,500 and 46,800
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Bank Nifty prediction today–Jan 18, 2024: Index might see intraday rally – BusinessLine
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