Bank Nifty Trades Almost Flat

IDFC Bank has emerged as the top gainer in the Bank Nifty index, trading higher by nearly 3% at Rs 58.25 per share. However, HDFC Bank, ICICI Bank and PNB are showing weakness restricting upward movement of Bank Nifty.

The total volume traded in Bank Nifty contracts have been increasing for past three consecutive trading sessions. Bank Nifty 6-July 23300 CE and 23500 CE are the most active Bank Nifty contracts on the bourses. Bank Nifty 6-July 23300 CE was trading at Rs 66.1 per share down by Rs 5.6 per share or 7.81% while 23500 CE was trading at Rs 17.5 per share down by Rs 3.9 per share or 18.22%.

These two call options witnessed addition in their open interests reflecting short built up position. Bank Nifty’s resistance may be placed around 23,350 while 23,150 is likely act as support which if broken can see 22,850 being tested.

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About Suhani Varma

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