Bank Nifty loses momentum today too

The Bank Nifty index opened lower during Wednesday’s trading session. The index opened at the 24,519 level, down by 80 points. All the index constituents have been trading in the negative territory during the morning hour on Wednesday. It was trading at the 24,441 level, down by 164 points.
 
Bank Nifty breached the important level of 24,450 to touch its intraday low of 24,440, down by 159 points. Heavyweight bank, ICICI Bank, is the top loser in the index, trading at Rs 290 per share, down by 1.64%. Other bank stocks like Axis Bank, Yes Bank, Canara Bank and IDFC Bank are also losing more than 1% in the morning hour.
 
On the options front, there is profit booking seen at the call options of higher side strike levels like 25,100; 25,200; 25,400;and 25,500. Bank Nifty futures of the August series were trading at a premium of 70 points. Bank Nifty’s support level may be placed around 24,350 while 24,750 may act as strong resistance on the upside.