Nifty Bank opened the session today considerably higher at 54,891 versus the closure of last week or 54,290. Now it is around 55,180, 1.7 percent more.
The 12 actions in the index are in green, indicating a strong ascending bias. The package is directed by AU Small Finance Bank and Indusind Bank, who have won 5.5 percent each so far.
Nifty Private Bank and Nifty Psu Bank have won 2.5 percent and 1.7 percent, respectively and are the main performance sectors today. Then, in general, banking actions seem to be focused.
Nifty Bank Futures
Nifty Bank Futures (April) advanced in today’s session at 54,641 against the closing of last week or 54,201. Now it lies around 55,180, an increase of 1.8 percent.
Given the current price action, Nifty Bank Futures seems to extend the rally. The closest potential resistance levels are 55,500 and 55,800.
In case there is a dip, it is likely to be corrective. Such a decrease can be arrested at 55,000 and 54,750, which are considerable intradic supports.
That said, a rape of 54,750 can convert the weak intradic perspective. In such a stage, Nifty Bank futures can fall to 54000-54,300 support band. A decrease beyond these levels is unlikely.
Commercial strategy
Buy Nifty Bank futures at 55,150 and 54,800. The objective and loss of detention can be 55,800 and 54,700, respectively.
The rally at 55,800 could take a couple of sessions. Therefore, merchants can take care of this trade to the following sessions until the objective or loss of detention is activated.
Support: 55,000 and 54,750
Resistance: 55,500 and 55,800
Posted on April 21, 2025
