The Nifty Bank index is attempting to bounce back. The index is getting good support around 53,300. It is currently trading at 53,500, up 0.17 per cent. The advances/declines ratio is at 7:5. This is positive. If this sustains, further rise is possible during the day.

Bank Nifty outlook

Bank Nifty is getting good support around 53,300. As long as the index stays above 53,300 the outlook is bullish. A rise to 53,800-53,900 looks likely in the coming sessions. A decisive break above 53,900 can take the index up to 54,200 and higher in the short term.

• Also read: Nifty prediction today – Dec 10, 2024: Support holds well. Retain the long positions

Bank Nifty futures

The Bank Nifty December futures (53,601) is up 0.13 per cent. Support is in the 53,500-53,450 region. Immediate resistance is around 53,800. A break above it can take the contract up to 54,000.

The bias will turn negative only if the contract declines below 53,450. If that happens, we can see a fall to 53,150.

We may have to wait and watch for some time.

Trading strategy

Though the bias is positive, we suggest traders to stay out of the market as the market is not showing strength.

Supports: 53,500, 53,450

Resistances: 53,800, 54,000