Within the index 11 out of 12 shares have moved up right this moment led by AU Small Finance Financial institution, up 1.1 per cent. That is adopted by IDFC First Financial institution, up 0.8 per cent. Punjab Nationwide Financial institution, down 1.1 per cent, is the one inventory within the index that’s within the crimson.
Nifty PSU Financial institution has gained practically 0.6 per cent whereas Nifty Non-public Financial institution is up about 0.4 per cent. Thus, broadly, the shares of public sector banks are performing higher till now right this moment.
- Additionally learn: Nifty prediction right this moment – Aug 16, 2024: Index may see a marginal drop earlier than a rally
Financial institution Nifty futures
Financial institution Nifty futures (August contract) opened right this moment’s session larger at 50,250 versus Wednesday’s shut of 49,955. It witnessed a pointy rally initially and marked an intraday excessive of fifty,977.
Nonetheless, on the again of the resistance band of fifty,800-51,000, the bears dragged Financial institution Nifty futures decrease. It’s at present hovering round 50,120, up 0.35 per cent.
The contract has a help area between 49,850 and 50,000. This has been holding nicely for the reason that starting of the month and Financial institution Nifty futures has rebounded from this stage earlier than.
A rally from the present stage can elevate Financial institution Nifty futures again to 50,500 and even to 50,800. Nonetheless, a breach of 49,850 can intensify the sell-off, probably resulting in a fast fall to 48,000, a robust base.
Buying and selling technique
Purchase Financial institution Nifty futures at 50,020 and preserve a stop-loss at 49,800. When the contract touches 50,320, revise the stop-loss to 50,100. Liquidate the longs at 50,800.
Helps: 50,000 and 49,850
Resistance: 50,320 and 50,800
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