Bank Nifty prediction today – Sep 18, 2023: Likely to rally as the support holds

Bank Nifty began today’s session lower at 46,101 versus Friday’s close of 46,232. It has now recovered a bit to 46,150. Note that the overall trend remains bullish.

The advance/decline ratio shows a bearish bias as it stands at 5/7. Punjab National Bank, up 3.9 per cent, is the top performer whereas IDFC First Bank is the top loser, down 1 per cent.

Nifty PSU Bank index has advanced 2.2 per cent. On the other hand, Nifty Private Bank index has lost 0.4 per cent.

Bank Nifty futures

Like the underlying Bank Nifty, the September futures of the index began lower at 46,195 compared to last week’s close of 46,288. It is currently trading at 46,230.

From the current level, the nearest support is at 46,100. Support below this level is at 45,900. On the other hand, the contract has its nearest hurdle at 46,350. Subsequent resistance is at 46,500.

Given the overall uptrend, we expect the contract to resume the uptrend on the back of the support at 46,100.

Trading strategy

Consider initiating intraday longs when the contract price softens to 46,100. Target and stop-loss can be at 46,450 and 45,930 respectively.

Supports: 46,100 and 45,900

Resistance: 46,350 and 46,500

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