Nifty Bank index began today’s session with a gap-up at 61,194 versus Wednesday’s close of 61,043. It is now at 61,090, up 0.1 per cent.The advance-decline ratio stands at 7-7. Yes Bank (up 1.7 per cent) and IDFC First Bank (up 0.9 per cent) are the top gainers.At the other end, Canara Bank (down 0.5 per cent) and AU Small Finance Bank (down 0.4 per cent) are the top losers.Nifty Private Bank is up nearly 0.2 per cent and Nifty PSU Bank is trading flat. Therefore, the private banks are outperforming their p ...

Core Insights - The Nifty Bank index opened slightly lower but has shown a recovery, currently up 0.7% at 56,600, indicating a bullish market sentiment [1] - Public sector banks are outperforming private banks, with the Nifty PSU Bank up 1.8% compared to a 0.9% gain in the Nifty Private Bank [2] - Nifty Bank futures have resumed an uptrend, currently trading at 56,825, with potential resistance levels at 57,000 and 57,200 [3] Market Performance - The advance/decline ratio is strong at 11/1, highlighting a bullish bias in the market [1] - Punjab National Bank and State Bank of India are the top gainers, with increases of 2.1% and 2% respectively [1] - A U Small Finance Bank is the only stock in the Nifty Bank index showing a decline, down 0.1% [1] Futures Analysis - The October futures for the Nifty Bank index started at 56,398 and are currently at 56,825, indicating a positive trend [3] - A breakout above 57,000 could lead to further gains, potentially reaching 57,200 [3] - Support levels for the futures are identified at 56,800 and 56,500, with a low likelihood of falling below 56,600 today [4] Trading Strategy - Long positions on Nifty Bank futures initiated at 56,200 should be retained, with a revised stop-loss increased to 56,500 [5] - Profit booking is recommended at the 57,000 level [5] - Key support and resistance levels are established at 56,800, 56,500, 57,000, and 57,200 [5]