Bank Nifty trades on a cautious note

With major indices such as Nifty, Sensex and Bank Nifty trading flat with some negative bias, the market is seen trading on a cautious note during the morning hours on Thursday ahead of August derivative contracts expiry. 
 
Bank Nifty index was trading at 24,261 level, down by 47 points or 0.2%. Bank of Baroda was the top gainer in the index, trading at Rs 140.35 per share, up by 0.65%. Kotak Bank and HDFC Bank were among the top losers on the index.
 
The Bank Nifty index has found support around 24,000 while 24,500 may act as resistance on the upside. In case of August derivative contracts, the maximum call base stood at 24,400 followed by 24,500 and 25,000, showing short built-up positions while the maximum put base was concentrated at 24,000. Futures contract was trading at a discount of 2 points.
 
The September futures contract will become near-month after the expiry of August derivative contracts on Thursday. The Bank Nifty futures of September series were trading at a premium of 37 points. Rollover statistics show that the 47.02% of Bank Nifty futures rolled over to the next month series, which is a tad higher than 44.3% of the previous month.