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Nifty Bank index began today’s session with a gap-up at 54,802 versus yesterday’s close of 54,611. It moderated after opening and is currently hovering around 54,780, up 0.3 per cent.
The advance/decline ratio stands at 8/4, showing a bullish bias. AU Small Finance Bank and IDFC First Bank, up 2.9 per cent each, are the top gainers. IndusInd Bank and HDFC Bank, down 0.8 per cent each, are the top losers.
Both Nifty PSU Bank and Nifty Private Bank are up 0.7 per cent each.
Nifty Bank futures
Nifty Bank futures (May) opened today’s session higher at 54,806 against yesterday’s close of 54,671. It is now trading around 54,880, up 0.4 per cent.
On Wednesday, the contract rebounded on the back of the 20-day moving average, a positive sign. However, the chart shows that Nifty Bank futures faces a potential resistance at 55,000.
A breakout of this, which is likely to happen, can lift Nifty Bank futures (May) to 55,800 and 56,000, which are notable resistance levels.
On the other hand, if the contract declines from the current level, it can find support at 54,650 and 54,000. A breach of the latter can turn the outlook bearish. But this is unlikely to happen given the current price action.
Trade strategy
Go long on Nifty Bank futures (May) if it breaks out of 55,000. Target and stop-loss can be 56,000 and 54,600 respectively.
Supports: 54,650 and 54,000
Resistances: 55,800 and 56,000
Published on May 8, 2025
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