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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 close of 43,725. But the banking index has recovered post the open and is now trading around 43,725. It is now stuck in the 43,500-44,000 range and until the index moves out of this, the next swing in price will remain uncertain.

The advance/decline ratio gives the index a slight bearish bias as it stands at 5/7. Also, the cues from the Asian market indicate a weakness in the equity market today.

  • Read: Nifty Prediction Today – June 23, 2023: Stay out of the market

Bandhan Bank, up by 1.5 per cent, is the top gainer whereas Stata Bank of India is the top loser, down by 0.8 per cent.

Although there is a bearish bias, as mentioned earlier, the index is moving within a range and as long as this price band stays valid, we cannot predict the next leg of trend.

Bank Nifty futures

The June expiry futures of Bank Nifty opened the day lower at 43,710 versus yesterday’s close of 43,774. The contract is now hovering around 43,700.

Like the underlying index, the Bank Nifty futures too are moving within a range, which is between 43,500 and 44,000.

If the contract slips below 43,500, it will open the room for more downside, possibly towards 43,000 – the immediate support. On the other hand, if Bank Nifty futures break out of 44,000, it will most probably hit 44,500 soon.

Trading strategy

Since June Bank Nifty futures is oscillating in a range, traders can stay on the sideline today.

Consider initiating trade along the direction of the break of the 43,500-44,000 range.

Supports: 43,500 and 43,000

Resistance: 44,000 and 44,500



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