Bank Nifty Prediction Today—March 18, 2024: Bearish. Go short now and on a rise

Bank Nifty March Futures (46,610)

Bank Nifty index has begun the week on a weak note. The index is trading at 46,383, down 0.45 per cent. The advance/decline ratio is at 2:10. This clearly indicates that the bias is negative and more fall could be on the cards during the day.

Bank Nifty index outlook

On the intraday charts, it is clear that the Bank Nifty index is facing strong resistance around 46,700. The outlook is bearish. The Bank Nifty index can fall to 46,000 and even 45,600 in the coming sessions.

To avoid this fall, the index has to get a decisive break above 46,700. Only in that case, the downside pressure will be eased and the doors will open for a rise to 47,000 and higher.

Bank Nifty Futures

The Bank Nifty March Futures (46,610) contract is down 0.18 per cent. The bias is negative. Resistance is around 46,900. Support is at 46,380. We expect the Bank Nifty March Futures contract to break 46,380, if not immediately but eventually in the coming sessions. Such a break can drag the contract down to 45,800.

Also read: Nifty prediction today – March 18, 2024: Index between two key price levels 

The contract has to rise above 46,900 to become bullish for a rise to 47,100 and higher.

Trade Strategy

Since the break below 46,380 is yet to happen, we suggest traders to take a positional trade instead of an intraday call. Go short now and accumulate on a rise at 46,800. Keep a stop-loss at 46,980. Trail the stop-loss down to 46,410 as soon as the contract falls to 46,360. Move the stop-loss further lower to 46,140 when the price touches 45,980. Exit the shorts at 45,850.

Supports: 46,380, 45,800

Resistances: 46,900, 47,100

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