Bank Nifty December futures (52,505)

Nifty Bank index has been knocked down badly today. The index has tumbled about 1.7 per cent and is currently trading at 52,345. All the stocks in the index are in red and the advances/declines ratio is at 0:12. This is very negative.

The index has declined sharply breaking below the crucial support level of 52,600. This is very bearish. This will keep alive the danger of the Bank Nifty index declining further towards 52,000 and even lower.

The index will now have to rise above 52,600 to get a breather and turn the outlook positive again. We will have to wait and watch how the index closes for the week today.

• Also read: Stocks that will see action today: December 13, 2024

Bank Nifty futures

The Bank Nifty December (52,505) futures contract is down 1.76 per cent now. The sharp fall below the key support level of 52,700 is a negative. Intermediate support is at 52,400. A break below it can take the contract down to 52,000 in the coming sessions.

A sustained rise above 52,700 is needed for the contract to turn the outlook positive again.

Trading strategy

Stay out of the market today. See how the index closes for the week and then trades can be taken accordingly next week.

Supports: 52,400, 52,000

Resistances: 52,700, 53,200