Bank Nifty Futures January (48,943)
The Bank Nifty index continues to fluctuate in a sideways range. The index remained stuck broadly between 48,000 and 50,000. The indicator is currently trying to bounce from the lower end of the range. The Bank Nifty index is currently trading at 48,806, up 0.17 per cent. The advance/decline ratio is 7:5.
Nifty bank forecast
Daily support is at 48,400. A rise to 49,000 now seems possible. A break above 49,000 could take the index to 49,600. The intraday forecast will turn negative only if the index drops below 48,400. If that happens, we could see a drop to 48,000.
Bank Nifty Futures
Bank Nifty January Future (48,943) rose 0.13 per cent. Intraday price action indicates that the index is struggling to make a strong rally. A strong break above 49,000 first and subsequent rise above 49,200 is needed to strengthen the bullish case for a rally to 49,600 and 49,800 again.
Intraday support is at 48,500-48,400. A break below 48,400 could pull the contract back to 48,100-48,000.
Trade strategy
Since the contract is not showing strength, we suggest traders to stay out of the market.
Supports: 48,400, 48,000
Resistance: 49,200, 49,600
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