Bank Nifty opened today’s session with a gap-down at 53,503 against Friday’s close of 53,584. It is currently trading around 53,500, down 0.1 per cent.

The advance/decline ratio of Bank Nifty stands at 4/8, giving the index a bearish bias. IndusInd Bank, up 1.2 per cent, is the top gainer. AU Small Finance Bank, down nearly 0.8 per cent, is the top loser.

Nifty PSU Bank is up 0.5 per cent whereas Nifty Private Bank is down 0.1 per cent. So, broadly, the public sector banks are outperforming their private peers.

• Also read: Nifty Prediction Today – December 16, 2024: Wait for a reversal and breakout to take fresh longs

Bank Nifty futures

Bank Nifty futures (December contract), like the underlying, began today’s session lower at 53,600 against last week’s close of 53,626. It is now hovering around 53,600.

As long as the support at 53,400 holds true, the probability of a rally from the current level will be high. An upswing from the current level of 53,600 can lift the contract to 55,000 in the near-term.

But note that 53,850 is a minor hurdle, which we do not expect to hold for longer.

In case the support at 53,400 is breached, there might be a quick decline to 53,000, a support. Subsequent support is at 52,500.

Overall, Bank Nifty futures is showing a bullish inclination.

Trading strategy

Go long if Bank Nifty futures (December) at the current market price of 53,600. Target and stop-loss can be 55,000 and 52,800 respectively.

Supports: 53,400 and 53,000

Resistances: 53,850 and 55,000