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Bank Nifty opened today’s session with a gap-up at 43,790.95 versus Monday’s close of 43,584.95. It is currently at 43,730, up 0.3 per cent after the initial hour of trade.
The advance-decline ratio lends the index a positive inclination at 8/4. HDFC Bank, up 0.8 per cent, is the top gainer, whereas Bank of Baroda, down 0.9 per cent, is the top loser.
Private banks are performing relatively better today than their public sector peers. Reflecting this, the Nifty Private bank index is up 0.3 per cent whereas Nifty PSU bank index is flat.
Bank Nifty futures (November expiry) opened today’s session higher at 43,840 as against yesterday’s close of 43,742.15. It is currently trading at 43,840, up 0.4 per cent.
The chart shows that the contract is stuck between 43,600 and 43,920. Hence, Bank Nifty is not exhibiting bias on either side.
Nifty prediction today — November 21, 2023: Wait for dips to go long
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If the contract breaks out of 43,920, it can rally up to 44,300. A breach of this can lift it to 44,520. On the other hand, if Bank Nifty futures slip below 43,600, there is a support immediately at 43,500. So, 43,500-43,600 is a support band.
If 43,500 is breached, the price could see a swift fall to 43,000.
Trading strategy
Since Bank Nifty futures is consolidating, we suggest refraining from taking fresh trades at the moment. Consider positions along the direction of the break of the 43,500-43,920 range.
Supports: 43,600 and 43,500
Resistance: 43,920 and 44,300
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Bank Nifty prediction today — November 21, 2023: Index in sideways trend – BusinessLine
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