Bank Nifty prediction today – Jun 23, 2023: Intraday trend uncertain, refrain from trading
Bank Nifty Index opened today’s session with a gap down at 43,642 versus Thursday’s closing at 43,725. But the Banks index rebounded after the open and is now trading around 43725. It is now stuck in the 43500-44000 range and until the index moves outside of this, the next swing in the price will remain uncertain.
The advance/decline ratio gives the indicator a slight bearish bias as it stands at 5/7. Also, signals from the Asian market point to weakness in the stock market today.
Bandhan Bank, up 1.5 percent, was the biggest gainer, while India’s Stata Bank was the biggest loser, down 0.8 percent.
Although there is a bearish bias, as mentioned earlier, the indicator is moving within a range, and as long as this price range remains valid, we cannot predict the next phase of the trend.
Nifty Bank Futures
Nifty Bank June expiry futures opened today lower at 43,710 vs. yesterday’s close of 43,774. The contract is now hovering around 43,700.
Like the underlying index, Bank Nifty futures are also moving within a range between 43,500 and 44,000.
If the contract falls below 43,500, it will open the way for further decline, perhaps towards 43,000 – the immediate support. On the other hand, if Nifty futures crosses 44,000, it is likely to reach 44,500 soon.
Trading strategy
Since Bank Nifty’s June futures are hovering in a range, traders can stay on the sidelines today.
Consider starting the trade along the trend of breaking the range 43500-44000.
Support: 43,500 and 43,000
Resistance: 44,000 and 44,500