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Bank Nifty Expiry Day. Bank Nifty Prediction for 12th June 2024
Bank Nifty is consolidating from the last 4 trading sessions, facing resistance from the 50,000 level and the technical chart indicating that there might be some possible downside in the market on Wednesday 12th June.
As expected Bank Nifty Opened lower and consolidated for the rest of the day between a narrow range of 49,500 and 50,000 ending the day in the red with a loss of -75 points or 0.15% because of the very low volatility in the market – indicating that there might be a bigger move ahead.
Anyway on Tuesday, Bank Nifty made a double-top pattern on the 30-min chart with the resistance at the 49,950 level which in case bad news for the Index as it may fall to the 49,000 level or even lower on Wednesday.
Looking at the Bank Nifty Stocks,
Top Gainers: Federal Bank, PNB, SBI, AU Small Finance Bank, HDFC Bank
Top Losers: Kotak Mahindra Bank, Bank of Baroda, ICICI Bank, Axis Bank, IndusInd Bank
Also Read: Nifty Prediction for 12th June 2024
Bank Nifty Prediction for 12th June 2024
Looking at the technical chart, the Bank Nifty is consolidating from the last 4 trading sessions with the resistance at the 50,000 level, showing that there is very low volatility in the market as we can see on the Chart with the help of the Bollinger Band – indicating that we might see some major move in the market this week.
What to Expect from Bank Nifty on 12th June 2024
So, on Wednesday, 12th June 2024 – Bank Nifty may open on a negative note, and continue to trade lower as it is consistently facing resistance from the higher levels and it might fall to the 49,000 level or 48,500 once again.
However, the technical Indicators do not indicate any possible downside including the prominent two like RSI and MACD but we need to be careful for any surprising moves.
Also, there is the US Fed meeting on the Interest rate Decision tonight, and traders are eagerly waiting for this hoping if there is any rate cut or not.
And, if there will be any rate cut then the market may rally on 12th June but this is less likely and the global equity market will remain under pressure as it is highly expected that the interest rate will be the same, and we might see Indian market to fall a little bit on Wednesday
“So here are the trading levels for Tomorrow – 48,500 – 50,000“
Bank Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 49,000 (26.76L) | 51,000 (39.96L) |
| 49,500 (22.56L) | 50,000 (32.04L) |
| 48,500 (17.94L) | 50,500 (23.96L) |
Bank Nifty Support and Resistance Level for 12th June 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 49,500 | 50,000 |
| 49,000 | 50,200 |
| 48,800 | 50,500 |
Bank Nifty Trade Strategy for 12th June 2024
The Indian Equity market is consolidating from the last 4 trading sessions making it tough to identify any possible move in the market but it is highly expected that it may consolidate for one or two more trading sessions or even fall a bit.
But tomorrow’s move in the Bank Nifty is based on the US Fed Interest Rate Decision, and I am also waiting for this which is happening tonight, so till then we are not in any situation to predict the moves in the market.
And, once the Decision is made we will update the trading strategy on this page.
Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the Trade Setup after analyzing the Market.
Happy Trading 🙂
