Bank Nifty January Futures (48,640)

Bank Nifty index is stuck below 49,000 since Wednesday this week. That also keeps the index well within the broad 48,000-50,000 range. The advances/declines ratio is at 2:10. This can keep the index lower during the day.

Bank Nifty Outlook

The immediate outlook is unclear. A breakout on either side of 48,000-49,000 will determine the next leg of move. A break above 49,000 will give some relief for the index. It will then take the Bank Nifty index up to 49,600-49,800.

On the other hand, a break below 48,000 will increase the selling pressure. Such a break can drag the index down to 47,000 and lower.

Bank Nifty Futures:

The Bank Nifty January Futures (48,640) down 0.1 per cent. The immediate outlook is unclear. The contract is stuck in between 48,000 and 49,000. A break above 49,000 can take the contract up to 49,500-49,700. On the other hand, a break below 48,000 can take the contract down to 47,800-47,700 initially and then lower eventually.

Trade Strategy

Since the immediate outlook is unclear, we suggest traders to stay out of the market.

Supports: 48,000, 47,800

Resistances:  49,000, 49,500