Bank Nifty January Futures (51,645)

Bank Nifty index spiked to a high of 51,740 in the opening trades but failed to sustain. It has come down sharply from there and is currently trading at 51,197, down 0.07 per cent. The advances/declines ratio is at 6:6. This leaves the outlook mixed for the day.

Bank Nifty outlook

Bank Nifty index has a key support at 51,000. Resistance is at 51,500. So, 51,000-51,500 can be the trading range. A breakout on either side of this range will decide whether the index can go up to 51,900 and higher or fall to 50,700 and lower.

Bank Nifty Futures

The Bank Nifty January Futures (51,645) is down 0.14 per cent. The contract spiked to a high of 52,185 and has come down from there.

Support is at 51,400-51,300. A break below 51,300 can take it down to 51,000 and lower. Resistance is in the 51,800-51,900 region. A sustained break above 51,900 is needed to turn the outlook bearish. If that happens, we can see a rise to 52,300 and higher.

Trade Strategy

The outlook is not clear. We suggest traders to stay out of the market.

Supports: 51,400, 51,300

Resistances: 51,800, 51,900