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Bank Nifty futures (45,350)
Bank Nifty began today’s session lower at 44,489.40 versus yesterday’s close of 45,015.05. The index is now at 45,350, up 0.7 per cent.
Barring Axis Bank, down 2 per cent, all other stocks in the Bank Nifty index are in the green. Punjab National Bank and IndusInd Bank, up 2.9 and 2.7 per cent respectively, are the top gainers.
The public sector banks seem to be outperforming their private sector peers. Thus, the Nifty PSU Bank index has advanced 1.5 per cent whereas Nifty Private Bank index is up 0.5 per cent.
Bank Nifty futures
Bank Nifty futures (January expiry) opened today’s session with a gap-down at 44,500 as against yesterday’s close of 44,913.05. It is now trading around 45,350, up 1 per cent.
Although the contract opened lower, it has seen a sharp recovery in the first hour of trade. However, there is a resistance at 45,500. A breach of this level can lift the contract to 46,000.
On the other hand, if Bank Nifty futures fall from the current level, the nearest support levels are at 44,900 and 44,500. Next support is at 44,000.
The recovery that Bank Nifty futures may not sustain. The contract should break out of 45,500 to turn the trend bullish. On the other hand, a fall below 44,900 from the current level will increase the chances for another leg of downtrend.
Considering the above, traders can stay away for now and initiate trade along the direction of the breach of the 44,900-45,500 range.
Supports: 44,900 and 44,500
Resistances: 45,500 and 46,000
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Bank Nifty prediction today – Jan 24, 2024: Index testing a barrier, wait before pulling the trigger – BusinessLine
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