Bank Nifty December Futures (53,680)

Nifty Bank index is bouncing back after witnessing a fall in the initial trades. The index touched a low of 53,326 and has risen back well from there recovering all the loss. It is currently trading at 53,530, up marginally by 0.04 per cent. The advances/declines ratio is at 5:7. If this turns in favour of the advances, then a further rise is possible during the day.

Bank Nifty outlook

Intermediate resistance is at 53,700. A strong break above it can take the index up to 54,000 in the coming sessions. Failure to breach 53,700 can drag the index down to 53,500 and 53,300 again. We will have to wait and watch.

Bank Nifty Futures

The Bank Nifty December Futures (53,680) is down marginally by 0.08 per cent. The support at 53,450 is holding well for now. A lower support is at 53,400. So, as long as the contract trades above this 53,450-53,400 support zone, the outlook will remain bullish.

Intraday resistance is in the 53,800-53,850 region. A break above 53,850 will take the contract up to 54,000 in the coming sessions.

Failure to breach 53,850 can take the contract down to 53,450 again. In that case, a range bound move between 53,400 and 53,850 is a possibility for some time.

Trade Strategy

Considering the risk/reward ratio, traders can stay out of the market for the day. Long positions can be considered only after a break above 53,850 or on dips around 53,450.

Supports: 53,450, 53,400

Resistances: 53,850, 54,000

• Also read: Stock Market Live Updates 9 Dec 2024: Sensex, Nifty trade flat with negative bias; HUL, Tata Consumer top losers