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Bank Nifty opened the session lower at 44,722.5 versus yesterday’s close of 44,766.1. The index declined further and is now trading at around 44,666, down 0.2 per cent so far today.
Supporting the bearish inclination, the advance/decline stands at 4/8. AU Small Finance Bank, up 0.7 per cent, is the top gainer whereas Kotak Mahindra Bank, down 1.2 per cent, is the top loser in the index.
Comparatively, the private sector banks appear weaker today. Reflecting this, Nifty Private Bank is down 0.3 per cent and Nifty PSU Bank is down 0.1 per cent.
The September Bank Nifty futures opened today’s session with a gap-down at 44,700 as against Monday’s close of 44,812.65. It is currently hovering around 44,700, down 0.25 per cent.
After a bearish trend in the past few sessions, the latest charts are hinting at a loss of downward momentum.
Also read: Nifty Prediction Today–September 26, 2023: Likely to be volatile, but within a range
While this does not necessarily mean a bullish reversal, Bank Nifty futures might start consolidating in a range. Such a potential range can be 44,500-45,000.
So, the next leg of trend will depend on the direction of the break of the above-mentioned range.
While a breakout of 45,000 will open the door for a rally towards 46,000, a breach of the support at 44,500 can result in the contract seeing a fall to the 44,000-44,150 support band.
The chart does not indicate a specific trend. So, we recommend staying away from the market today.
Supports: 44,500 and 44,150
Resistances: 44,850 and 45,000
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Bank Nifty prediction today–Sep 26, 2023: Index trading in a range – BusinessLine
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