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Bank Nifty began today’s session higher at 45,989.25 versus yesterday’s close of 45,701.15. The index is now hovering around 45,760, up 0.2 per cent.
The advance/decline ratio of the index stands at 6/6. Bandhan Bank, up 3.4 per cent, is the top gainer whereas IndusInd Bank, down 1.7 per cent, is the top loser.
While Nifty Private Bank index is up 0.15 per cent, Nifty PSU Bank index is flat so far today.
Bank Nifty futures (January expiry) opened today’s session higher at 46,050 as against yesterday’s close of 45,797.20. It is now trading around 45,840, up 0.15 per cent.
The price action continues to be bearish. But there is a minor support at 45,600. If this level is breached, Bank Nifty futures could drop to 45,000, a support.
On the other hand, if the contract recovers, it will face a barrier at 46,000 and 46,360. Only a decisive breakout of 46,360 can turn the tide in bulls’ favour. Resistance above 46,360 is at 47,000.
Although the price action is bearish, Bank Nifty futures has a support nearby, which can prevent the downside. On the other hand, there is a resistance, which can block the bulls.
So, the contract should move out of the 45,600-46,360 price band to get a clue of the next swing in price. Traders can stay out for now and trade along the direction of the break of this range.
Supports: 45,600 and 45,000
Resistance: 46,360 and 47,000
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Bank Nifty prediction today – Jan 20, 2024: Index trading within key levels, stay out – BusinessLine
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