Bank Nifty Prediction Today — June 9, 2023: Go long on dips at 44,150 and 44,050

Bank Nifty Index rose nicely today. It is trading at 44,126, up about 0.3 percent. The advance/decrease ratio is 7:5.

This leaves a positive bias. IndusInd Bank (up 2.12%) and Axis Bank (up 1.32%) are the best performers in the index.

prospects

Bank Nifty Index is getting support below 44,000. This is a positive sign. Right now, 43900-44500 is probably the range.

As long as the index remains above 43,900, expectations are optimistic for a break of 44,500. This breakout could lift the Nifty Bank Index to 45,000 or higher in the coming days.

On the other hand, the index will be pressured to drop to 43,700-43,600 if it breaks below 43,900.

• Also read: Talk of “market coupling” sent IEX stock down 8.5 percent

Bank Nifty futures contracts

June Nifty futures contracts (44,265) increased by 0.27 percent. The contract hit a low of 44,042 and rose nicely from there. This indicates that there are strong buyers around the psychological barrier of 44,000.

As long as the contract is trading above 44,000, the outlook is optimistic for a rise to 44,500-44,600 in the near term. A sustained break below 44,000 is needed to pull the contract to 43,850 and 43,500.

Trade strategy

Traders can wait for dips and buy at 44,150 and 44,050. Keep the stop loss at 43,950. Trail the stop loss up to 44,200 once the contract moves to 44,260.

• Also read: Stock buzz. Stocks that will see action today: June 9, 2023

Move your stop loss order to 44,320 when the contract touches 44,380. Exit long positions at 44,450.

• supports: 44,000, 43,850
• resistors: 44,450, 44,600