Bank Nifty futures opened the session higher at 51,999 but are now trading at 51,950, up nearly 0.2% from Friday's close of 51,871. However, the index is still exhibiting a bearish bias, trading below the important level of 52,150.
2. Trading Strategy for Intraday
For intraday trading, it is recommended to short Bank Nifty futures at 51,950 with a stop-loss at 52,180. Profits should be booked at 51,500. The nearest support levels are at 51,500 and 51,000, while resistance levels are at 52,150 and 52,800.
3. Advance/Decline Ratio Indicates Weakness
The advance/decline ratio stands at 3/9, indicating a broader weakness in the market. AU Small Finance Bank is the top gainer with a 2.2% increase, while Federal Bank is the top loser with a 2.9% decline.
4. PSU Banks Underperform Private Peers
Public sector banks are underperforming their private sector peers. Nifty PSU Bank has lost 1%, while Nifty Private Bank is up by a marginal 0.2%.
5. Key Levels to Watch for Bank Nifty
The Bank Nifty futures have key support levels at 51,500 and 51,000. Resistance levels are at 52,150 and 52,800. These levels are crucial for determining the trend of the index.
6. Nifty 50 to See More Volatility
The Nifty 50 is expected to see more volatility due to geopolitical tensions. The September swing low of 24,750 acts as a support level, while the 20 Exponential Moving Average (EMA) near 25,500 will act as a stiff resistance.
7. Astro Events Impacting Market Trends
Astro events such as Jupiter and Mercury declination are expected to impact market trends. These events can help identify trends and reversals in the market, making them useful for traders.
8. Bank Nifty Forms Biggest Fall in 2024
The Bank Nifty has formed the biggest fall in 2024, indicating a significant downturn in the market. This could be a signal for traders to be cautious and adjust their strategies accordingly.
9. Trading Strategy Based on Gann Angles
Gann analysis suggests that the Bank Nifty is back to its 43 Gann angle support zone. This indicates that traders should look for potential trading opportunities based on these support and resistance levels.
