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Bank Nifty opened on a positive note yesterday at 46,643.45 and continued to trade higher until it reached its high of 46,944.45 and then traded sideways throughout the day trapping retail traders.
As the resistance is at the 46,800 level but BankNifty tried to break it in the last minute of trading but failed and closed at 46,785.95, below 46,800
On the other side, we didn’t see any major upside in any of the Banks except HDFC and Kotak Mahindra Bank which are up by more than 1% each, where PSU Banks are the worst performers of the day as all three PSU Banks are down by almost 1% each.
Related: Nifty Prediction for 28th March 2024.
Bank Nifty Prediction Today
Nifty Bank is not looking strong as it failed to stay above the resistance level of 46,800 in yesterday’s trading session after making an intraday high of 46,956.10, but you can say that as yesterday was the weekly expiry of Bank Nifty so we witnessed a sideways market.
Anyways, for today, we think Bank Nifty will trade in a range between 46,500 – 47,000 levels as today is the monthly expiry of stocks, so we might see some corrections or some movement in Banking stocks.
Otherwise, we are not focusing too much on Bank Nifty today, as today is the weekly expiry of Nifty 50 so there might be some crazy movements.
Bank Nifty Support and Resistance for Today
Green Lines are the Support Levels, and Red Lines are the Resistance Levels
Bank Nifty is facing resistance from the 46,935 level but it was also unable to stay above 46,800 after trying to make it to 47,000 in the previous trading session but closes below 46,800 at 46,785.95.
So for Bank Nifty, the nearby support is at 46,550 followed by 46,200 and 46,000, and on the upper side, Bank Nifty is facing resistance from the 46,800 level followed by 47,000 and 47,280.
Here is the OI data and PCR of the Bank Nifty for today,
Note:- This Data is Provided via Sensibull and has many features if you are an Option Trader, and You access all the Pro Things for “FREE” by opening your Demat Account with Zerodha.
Bank Nifty Support
S1 – 46,525 – 46,500 (immediate Support)
S2 – 46,200
S3 – 46,000 (Strongest Support)
Bank Nifty Resistance
R1 – 46,800 (Current and important Resistance)
R2 – 47,000
R3 – 47,280
How to Trade in Bank Nifty Today
For Today, we are leaving any trade in Bank Nifty as we are looking for Nifty, but if there might be some movement in BankNifty then we will update this article by 13 – 11 AM during the market hours.
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 🙂
