Crime Today News
Nifty Bank opened today’s session marginally higher at 51,608 versus yesterday’s close of 51,576. It moved up after opening and is now at 51,675, up 0.2 per cent so far today.
The advance/decline ratio is 8/4. Kotak Mahindra Bank tops the chart by appreciating 1.8 per cent whereas HDFC Bank, down 0.8 per cent, is the top loser.
Nifty PSU Bank has rallied 0.75 per cent whereas Nifty Private Bank is up 0.35 per cent. So, broadly, the public sector banks are outperforming their private peers.
Nifty Bank futures
Nifty Bank futures (April) began today’s session slightly higher at 52,050 against yesterday’s close of 51,908. It is now hovering around 52,000, up 0.2 per cent so far today.
There is a good chance for Nifty Bank futures to rally from here. But before that, it should surpass a hurdle nearby at 52,250.
A breakout of 52,250 can open the door for a rally to 52,800. But if Nifty Bank futures decline from the current level, it can find support at 51,480.
In case the contract breaks below 51,480, it can extend the downswing to 51,200 and 51,000.
Trading strategy
Buy Nifty Bank futures (April) after it breaks out of 52,250. Target and stop-loss can be 52,800 and 52,000 respectively.
Supports: 51,480 and 51,200
Resistance: 52,250 and 52,800
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