The Nifty Bank index has decreased sharply after trying 56,000 today. The index touched a maximum of 56,098.70 in the first operations and has fallen abruptly providing all profits. It is currently quoted at 55,256, 0.68 percent less. The advance/decrease relationship is at 3: 9. This leaves negative bias.
Nifty Bank Index Outlok
The Nifty Bank index has a crucial support at 55,180. You have to stay above it to return to 56,000 levels and keep the bullish impulse intact.
In the event that the index is broken below 55,180, there are good chances of seeing a corrective fall to 54,000 and even lower.
Nifty Bank Futures
The Nifty Bank April Futures (55,300) has dropped 0.5 percent. The support is 55,130. A break below can drag the contact to 54000 and even lower.
If the contract manages to bounce around 55,130, you can see an increase to 56,000. A strong break is needed above 56,000, it takes the contract to more than 58,000 and higher levels in the future.
Commercial strategy
It is short at a break below 55,130. Keep the Stop-Loss at 55,170. Remove the stop-loss up to 54,900 as soon as the contract falls to 54,750. Move the fougen stop-to 54,600 when the price touches 54,400. Leave the shorts at 54,200.
Medium: 55,130, 54,000
Resistances: 56,000, 58,000
Posted on April 23, 2025
