29/05/2024

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Bank Nifty prediction today–July 13, 2023: Buy futures contract for intraday

Bank Nifty prediction today–July 13, 2023: Buy futures contract for intraday

Bank Nifty began the session higher at 45,009 against Wednesday’s close of 44,639. After making a high of 45,014, the index is currently trading at 44,975. The outlook is bullish for the index.

Supporting the positive bias, the advance/decline ratio of the index stands at 10/2. AU Small Finance Bank is the best performer, with 1.5 per cent gain so far. This is followed by Axis Bank, up by 1.2 per cent. On the other hand, IDFC First Bank and Federal Bank are the only two stocks that witnessed decline. IDFC First Bank and Federal Bank lost 0.4 and 4.5 per cent, respectively.

Nifty PSU Bank is up 0.2 per cent, while Nifty Private Bank gained nearly 0.6 per cent.

Bank Nifty futures

The July expiry futures of Bank Nifty opened the day higher at 45,099 against yesterday’s close of 44,803. It is now trading at around 45,020.

The contract is likely to rally further as it has been trading above the 45,000-levels after breaching the falling trendline resistance.

Bank Nifty futures is expected to rise to 45,200 today. A breach of this level can lift the contract to 45,500. On the other hand, if the contract falls below 45,000, it can find support at 44,800 and 44,500. 

Trading strategy

As the probability of a rally is high, one can go long at the current level of 45,020. Add more longs if the price dips to 44,900. Place stop-loss at 44,700.

When the contract surpasses 45,200, tighten the stop-loss to 45,000. Book profits at 45,400.

Supports: 44,800 and 44,500

Resistances: 45,200 and 45,500