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Bank Nifty July futures (52,965)
The Bank Nifty index is hovering around 53,000. The break above 53,000 witnessed on Thursday did not sustain. The index touched a high of 53,180.75 on Thursday and has come down from there. It is currently trading at 52,955, up 0.27 per cent for the day. The advances/ declines ratio is at 8:4. This is positive.
Bank Nifty outlook
Support for the index is at 52,650-52,600. Resistance is around 53,150. A sustained break above 53,150 can take the Bank Nifty index up to 53,500-53,550.
The intraday outlook will turn negative only if the index declines below 52,600. If that happens, a fall to 52,400 is possible.
Bank Nifty futures
The Bank Nifty July futures (52,965) is up 0.12 per cent. Support for the contract is at 52,670. Resistance is around 53,250. The immediate outlook is mixed. The contract can remain in a range of 52,670-53,250 for some time. A break-out on either side of 52,670-53,250 will then determine the next move.
A break above 53,250 will be bullish to see 53,600-53,650 on the upside. On the other hand, a break below 52,670 can turn the near-term outlook negative. Such a break can take the contract down to 52,500 first, and eventually to 52,000.
Trade strategy
Traders can stay out of the market since the immediate outlook is unclear and the market could be range- bound. See how the index closes for the week today and trades can be taken accordingly next week.
Supports: 52,670, 52,400
Resistances: 53,250, 53,600
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