Here’s how to trade Nifty Bank, Private Bank today; key levels here | News on Markets

Nifty Bank 

 

The Nifty Bank Index is currently range-bound between the levels of 51,375 and 51,175. A breakout or breakdown from this range will likely trigger momentum in the respective direction. If the index trades above 51,375, it will signal the start of a bullish move, with the next resistance levels to watch for at 51,500, 51,650, and 51,950. These are potential target levels where traders can aim to book profits or reevaluate their positions. A sustained move above these levels would indicate further strength in the index. On the flip side, if the index trades below 51,175, it will likely trigger a bearish trend in the near term. In such a scenario, the next support levels would be around 51,000, 50,850, and 50,650. These levels will act as crucial points where buyers may step in, and traders can watch for potential rebounds or further downside pressure. The best trading strategy for now would be to wait for a breakout or breakdown of the defined range and then trade accordingly in the direction of the move. Traders can set their stoplosses appropriately based on the range being violated.

The Nifty Private Bank Index is currently trading within a range between 25,760 and 25,660. A breakout above or breakdown below this range will likely dictate the next directional move for the index. If the index trades above 25,760, it will signal bullish momentum, with the next resistance levels at 25,825 and 25,975. These are the potential levels to watch for further upside and could serve as target areas for traders looking to book profits or monitor for extended bullish activity. A strong move above these levels could indicate further strength in the private banking sector. Conversely, if the index trades below 25,660, it will likely trigger a bearish trend in the short term. The next support levels would be around 25,590, 25,520, and 25,450. These levels will be crucial to watch, as they could provide buying opportunities or signal a continuation of the downward momentum. The best strategy would be to wait for a breakout or breakdown of this range and then trade in the direction of the move. Traders should place appropriate stoplosses near the range to minimize risk while capitalizing on the directional breakout.

(Disclaimer: Ravi Nathani is an independent technical analyst. Views are his own. He does not hold any positions in the Indices mentioned above and this is not an offer or solicitation for the purchase or sale of any security. It should not be construed as a recommendation to purchase or sell such securities.)