Nifty Bank index opened the day with a wide gap-up. It has risen well above a key intermediate resistance level of 50,700 and is sustaining higher. The index is currently trading at 50,905, up 1.33 per cent. All the index components are trading in green. That keeps the bias positive.
Nifty Bank outlook
The Nifty Bank index has a resistance at 51,000. Intraday support will be in the 50,750-50,700 region. We expect the index to sustain above 50,700. As such the index can break the resistance at 51,000 eventually. Such a break can take the index up to 51,800-52,000 in the coming sessions.
Nifty Bank Futures
The Nifty Bank April futures (51,000) is up 1.10 per cent. Support is in the 50,950-50,900 region which can limit the downside during the day. The Nifty Bank April futures contract can rise to 51,800 sometime next week.
The bullish view will go wrong only if the contract declines below 50,780. If that happens, a fall to 50,550-50,500 is possible.
Trade strategy
Traders with high-risk appetite can consider taking positional longs at the moment. Go long now at 51,000. Accumulate on dips at 50,960. Keep the stop-loss at 50,720. Trail the stop-loss up to 51,150 as soon as the contract goes up to 51,250. Move the stop-loss further up to 51,350 when the contract touches 51,500. Exit the long positions at 51,680.
Please note that the markets are closed on Monday. So, traders who do not want to carry the risk of the long weekend can stay out of the market.
Supports: 50,900, 50,780
Resistances: 51,250, 51,700
Published on April 11, 2025