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Bank Nifty Prediction for 10th July 2024, Bank Nifty Expiry Analysis
On Tuesday, Bank Nifty opened higher from the previous closing but traded flat for the day making an Intraday high of 52,626 and an Intraday low of 52,292 which is just a 300 points difference in which Bank Nifty is trading on Tuesday.
As the Banking stocks are under pressure after not-so-good results of HDFC Bank, it is likely that Bank Nifty will fall on Wednesday taking the expiry in account.
Looking at the Bank Nifty Stocks,
Top Gainers: ICICI, PNB, SBI, Axis Bank, HDFC
Top Losers: Bandhan Bank, IDFC First Bank, AU Small Finance Bank, Kotak Mahindra, IndusInd Bank.
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Bank Nifty Prediction for 10th July 2024
Looking at the technical chart, you can see that, Bank Nifty has formed a Double Top pattern on the chart, and as you know this is a bearish pattern, which means that Bank Nifty is set to fall on Wednesday, 10th July 2024, on its weekly expiry day.
Currently Bank Nifty is trading above the 52,500 level and this level is a psychological resistance level for Bank Nifty and also this level has more Call OI than the Put OI, which makes it a dominant resistance level for the Bank Nifty in the nearest term, and if Bank Nifty falls below this level then it may fall to the 52,000 level and further towards the 51,500 level.
Technical Indicators are also indicating a weak market for tomorrow, as the PCR is around 0.65 which indicates a bearish market, along with this RCI is falling and the MACD is giving a negative crossover, which is a bad sign for Bank Nifty.
Must Read: Nifty Prediction for 10th July 2024.
What to Expect from Bank Nifty on 10th July 2024
On Wednesday, 10th July 2024, Bank Nifty is likely to open on a negative note and might trade with a negative bias tomorrow, taking the weekly expiry into account, and also it forms a double top pattern with the resistance at the 53,200 level, indicates that Bank Nifty is likely to fall to the 52,000 on Wednesday, 10th July 2024.
My View on Bank Nifty is Negative for Wednesday, as tomorrow is the weekly expiry of Bank Nifty, so there might be a highly volatile market on 10th July, and also The banking Stocks are under pressure after the HDFC missed the Dalal Streel Estimates for Q1.
“So here are the trading levels for Tomorrow – 51,500 – 53,300“
Bank Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 52,500 (29.79L) | 52,500 (41.70L) |
| 52,000 (22.98L) | 53,000 (40.58L) |
| 51,500 (20.10L) | 53,500 (32.40L) |
Bank Nifty Support and Resistance Level for 10th July 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 52,000 | 53,000 |
| 51,200 | 53,200 |
| 51,000 | 53,500 |
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 🙂
