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Bank Nifty futures (44,170)
Bank Nifty opened today’s session at 44,081.75 versus yesterday’s close of 43,880.95. It is now at 44,120, up 0.5 per cent.
Supporting the bullish bias, the advance/decline ratio stands at 9/2. Axis Bank, up 1 per cent, is the top gainer whereas IDFC First Bank, down 0.5 per cent, is the top loser.
The public sector bank is broadly outperforming their private peers. Nifty PSU bank index is up 0.9 per cent whereas Nifty Private bank index is up 0.5 per cent.
Bank Nifty futures (November expiry) opened today’s session with a gap-up at 44,100 versus yesterday’s close of 43,984.30. It is currently trading at 44,170, up 0.4 per cent.
Since the contract has moved past 44,000, the likelihood of further rally is high. We expect Bank Nifty futures to touch 44,500 – a resistance. Subsequent resistance is at 44,800.
On the other hand, if the contract makes a U-turn and falls below 44,000, it can find support at 43,820 – its 20-day moving average. Immediately below this is the support at 43,400.
Buy Bank Nifty futures now at 44,170. Add longs if the price dips to 44,000. Place stop-loss at 43,800. Book profits at 44,500.
Supports: 44,000 and 43,820
Resistance: 44,500 and 44,800
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Bank Nifty prediction today – Nov 29, 2023: Intraday trend bullish, go long – BusinessLine
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