Nifty Bank index began today’s session slightly lower at 56,939 versus Friday’s close of 57,032. It is currently hovering around 56,930, down 0.2 per cent.
The advance/decline ratio stands at 7/5, showing a slight bullish inclination. Bank of Baroda and Punjab National Bank, up 1.3 per cent each, are the top gainers.
On the other hand, ICICI Bank and Axis Bank, down 0.75 per cent each so far, are the top losers in Nifty Bank.
Nifty PSU Bank is up 0.3 per cent so far today whereas Nifty Private Bank is down 0.25 per cent. So, broadly, the public sector banks are outperforming their private peers.
Nifty Bank futures
The Jul expiry Nifty Bank futures began today’s session at 57,270 against Friday’s close of 57,294. It is now trading at 57,185, down 0.2 per cent.
The contract has fallen in the first hour of today’s session. Therefore, there is a chance for a further decline from the current level. Yet, the broader trend is up and so, the bulls can regain traction soon and limit the downtrend.
From the current level, Nifty Bank futures (Jul) might see a drop to 56,800. Post this move, the contract can resume the rally, which can potentially lift it to 58,000 quickly.
On the other hand, if the contract starts moving up from the current level itself, it should surpass 57,350 to establish an intraday uptrend. Such a breakout can lift the contract to 58,000 soon.
Trade strategy
Traders can short Nifty Bank futures (Jul) now at 57,185. Target and stop-loss can be 56,800 and 57,380 respectively.
In case the stop-loss of the above trade is triggered, it could indicate that the resistance at 57,350 is taken out. In such a case, after the stop-loss of the above recommended short position is hit, one can consider going long. Target and stop-loss can be 58,000 and 56,900 respectively.
Supports: 56,800 and 56,500
Resistances: 57,350 and 58,000
Published on July 7, 2025
