Bank Nifty Prediction Today – November 16, 2023: Outlook is mixed. Stay out of the market

Posted on by

Bank Nifty November Futures (44,368)

Bank Nifty index is trading marginally higher. The index is currently trading at 44,250, up 0.1 per cent. The advance/decline ratio is at 10:2, indicating bullishness.

Outlook

The index has been hovering around 44,200 for some time. It looks like the Bank Nifty index is not getting a strong follow-through rise to move sharply higher. It is important for the index to sustain above 44,000 to retain the bullishness. Only that will keep the chances alive of seeing a rise to 44,500-44,600.

A fall below 44,000 will bring the index under pressure. That will drag it down to 43,950 and lower.

Bank Nifty Futures

The Bank Nifty November Future (44,368) is trading marginally lower contrary to its underlying. The contract is at 44,371, down 0.03 per cent. The index is facing resistance near 44,450.  A strong break above 44,450 is needed for the contract to regain the bullish momentum. Such a break will take it up to 44,800 in the coming sessions.

Supports are at 44,250 and 44,200. Overall, it looks like the contract can oscillate between 44,200 and 44,450 for some time. A breakout on either side of this range will determine the next move.

Trade Strategy

We suggest traders to stay out of the market. Wait for a breakout on either side of 44,200-44,450. Trade can be taken thereafter accordingly.

Supports: 44,250, 44,200

Resistances: 44,450, 44,700