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Bank Nifty index opened the session with a gap-up at 44,181 against yesterday’s close of 44,080. However, the index could not sustain the initial gains as it was dropped to 44,000.
The market breadth of the index is giving it a bearish inclination as the advance/decline ratio stands at 3/9. Among the stocks in the index, IDFC First Bank, up by 2.4 per cent, is the top gainer, while Bandhan Bank, down by 3.3 per cent, is the worst performer.
Also read: Nifty prediction today–June 14, 2023: Struggling to find direction
The public sector banks are outperforming the private banks. Nifty PSU bank index is up by 0.15 per cent while Nifty Private bank has lost 0.25 per cent.
The June expiry futures of Bank Nifty, like the underlying index, opened higher at 44,310 against Tuesday’s close of 44,217. However, the contract is now hovering around 44,130.
The nearest support levels for intraday can be spotted at 44,070 and 43,900. On the other hand, the Bank Nifty futures is expected to face barriers at 44,300 and 44,400.
By looking at the charts, we can assume that the contract should breach either 44,070 or 44,300 to establish a trend for the day.
The scope for a large move is less as it has support and resistance at 44,070 and 44,300, respectively.
There are high chances for the Bank Nifty futures to see false intraday breakouts. Therefore, we suggest investors to stay out of the market today.
Supports: 44,070 and 43,900
Resistances: 44,300 and 44,400
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Bank Nifty prediction today–June 14, 2023: Likely to stay flat – BusinessLine
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