In the previous trading session, All the Major Indian Indices opened gap down but started moving upward right away after the market opened, jumping more than 1% each from the day’s low, whereas Nifty Bank closed the day in Green after moving more than 1000 points from the day low above the 47,500 level.

This Rally is mainly led by some Global News and the positive view on the HDFC Q4 earnings, where HDFC rallied around 2.5% followed by ICICI Bank which gained more than 1% on Friday.

Related: Nifty Prediction for Monday, 22nd April 2024.

Bank Nifty Prediction Today

Nifty Bank is looking attractive for Monday, as it gained more than Nifty on Friday, after opening 300 points Gap Down led by Index Heavyweights HDFC Bank (+2.45%) and ICICI Bank (+1.12%) on good Q4 Result expectations.

Anyway, HDFC Bank results came outstanding compared to the previous Quarter, but NIM (Net Interest Margin) is still a concern for HDFC as it has fallen from 4.1% to 3.4% compared to June 2023, and the NII (Net Interest Income) also came out slightly lower from the market Estimates.

You know, that this is important, because HDFC can alone divert the Nifty Bank movement, so some talks on HDFC are important if we are talking about Nifty Bank.

So, for Today, I think Bank Nifty may fall a little bit to around the 47,350 level as it has made a Piercing Line Candlestick Pattern on the Daily Chart – which is a major Bullish Reversal Pattern. But as of my experience, it may not move upward right away as it needs a consolidation for a healthier Upward move.

But it opens Gap Up around 47,800 and stays above this level then as of Monday we may see a good rally in Bank Nifty.

Either way, I am expecting a consolidation in Bank Nifty or a minor Upward or Downward movement on Monday.

Bank Nifty Support and Resistance for Today

Green Lines are the Support Levels, and Red Lines are the Resistance Levels

Nifty Bank made a comeback on Friday from the 46,550 level and gave more than 1000 points rally from the day’s low, making it above the 47,500 level.

so we have immediate support at 47,500 for Bank Nifty, followed by 47,300 and 47,000 levels.

On the upper side, the Index has a nearby resistance at the 47,700 level which may not be so important, followed by 47,800, and 48,000 levels.

Here is the OI data and PCR of the Bank Nifty for today,

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According to Technical Analysis and Price Action – Bank Nifty is set for an upward Rally after it formed a Piercing Line Candlestick Pattern, but in my experience, the Index needs to consolidate for a healthier rally or there might be a minor move on any side.

So, for Bank Nifty I advised to trade based on Support and Resistance and follow a range-bound trading strategy.

But if Bank Nifty breaks above the 48,000 level then you can plan Long Trades for the week, and wait for the Index to jump upward.

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.