Nifty Bank index began today’s session lower at 59,133 versus yesterday’s close of 59,289. But it started to rally soon after opening and is now hovering around 59,570, up nearly 0.5 per cent.
The advance/decline ratio stands at 10/2, indicating a strong bullish bias. Punjab National Bank and IDFC First Bank, up 1.5 per cent each, top the chart.
On the other hand, IndusInd Bank (down 0.2 per cent) and Axis Bank (down 0.15 per cent) are the top losers in the Nifty Bank index.
Nifty PSU Bank is up 1 per cent so far today whereas Nifty Private Bank is up 0.3 per cent. Therefore, broadly, the public sector banks are outperforming the private peers.
Nifty Bank futures
The December expiry Nifty Bank futures opened today’s session at 59,647 versus previous close of 59,643. It is now trading at 59,920, up about 0.5 per cent.
A strong rebound and a positive close in today’s first hour of trade signals considerable bullish momentum. The price action hints at further rise from the current level.
We expect Nifty Bank futures to rally to 60,500 soon. A rally past this can lift it to 61,000.
On the other hand, if the contract falls from the current level of 59,920 and breaches the support at 59,500, it can result in extension of downswing to 59,000, a support.
Overall, as it stands, the chart indicates that the bulls have an upper hand over the bears and the probability of a rally is high.
Trade strategy
On Thursday, we suggested buying Nifty Bank futures (December) at an average price of 59,720 and recommended to carry the trade for today’s session. Hold on to this trade and maintain a stop-loss at 59,300. Book profits at 60,500.
Supports: 59,120 and 59,000
Resistances: 60,000 and 60,500
Published on December 5, 2025
