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Bank Nifty futures (43,850)
Bank Nifty opened Wednesday’s session higher at 43,791.80 versus Tuesday’s close of 43,737.90. The index is now at 43,675, down 0.15 per cent after the first hour of trade.
Nevertheless, the advances/ declines ratio stands at 7/4 in favour of the bulls. IDFC First Bank, up 1 per cent, is the top gainer, whereas ICICI Bank, down 1 per cent, is the top loser.
Broadly, the private sector banks appear weak so far today. Reflecting this, the Nifty private bank index is down 0.2 per cent, whereas the Nifty PSU bank index is up 0.3 per cent.
Bank Nifty futures
Bank Nifty futures (November expiry) opened today’s session lower at 43,901 versus yesterday’s close of 43,926.85. It is currently trading at around 43,850, down 0.2 per cent.
The contract is now hovering around a resistance at 43,870. If this level is breached, the upswing can extend to 44,250. On the other hand, a fall in Bank Nifty futures from the current level can drag it to 43,600, the nearest support. Subsequent support is at 43,350.
Trading strategy
While the recent price action shows a bullish inclination, Bank Nifty futures faces a barrier. As it stands, there is no clarity on the intra-day trend.
The contract might even consolidate for the rest of the day. Hence, we suggest refraining from trading Bank Nifty futures today.
Supports: 43,600 and 43,350
Resistance: 43,870 and 44,250
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Bank Nifty prediction today – Nov 8, 2023: Intraday might consolidate today – BusinessLine
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