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Bank Nifty Prediction for 3rd July 2024. Bank Nifty Expiry Analysis
Bank Nifty formed a Descending Triangle Pattern with the support at the 52,000 level and if this level break then we may see Bank Nifty towards the 51,500 on Wednesday.
Bank Nifty opened higher on Tuesday (following Nifty) and made the day high of 52,828.45 in the opening session, but fell quickly after the opening bell to the support level of 52,800 which is around 1.5% fall from the day high and closed the day at 52,168.10 as the 52,000 support level pushed the market higher later in the day.
Instead, the highest weightage stock in the Bank Nifty Index (HDFC Bank) traded in green today with a gain of 1.5%, the Bank Nifty Index closes the day in the red with a loss of 0.77% or -406.65 points, and yeah HDFC is the only Banking stock that traded in green today and left all traded in red with an average loss of more than 1% each, where the IDFC First Bank and Bank of Baroda fell more that 2.5% each.
Looking at the Bank Nifty Stocks,
Top Gainers: HDFC Bank
Top Losers: IDFC First Bank, Bank of Baroda, Kotak Mahindra Bank, SBI, IndusInd Bank
Also Read: Intraday Trading – Strategies, Tips, Entry & Exit, and Best Stocks
Bank Nifty Prediction for 3rd July 2024
Looking at the technical chart, Bank Nifty is also forming a Descending triangle pattern with support at the 52,000 level and if the Bank Nifty breaks this level with a strong Bearish Candle then we might see a major fall in the Bank Nifty Index in the coming days.
What to Expect from Bank Nifty on 3rd July 2024
For Wednesday, 3rd July 2024 – Bank Nifty might trade in the bearish zone as it forms a Descending triangle pattern but tomorrow might be a high volatility day as tomorrow is the weekly expiry of the Bank Nifty and Bank Nifty might stop at the 52,500 level if falls below the 52,000 mark.
In the long term, it looks positive but for now, Bank Nifty is trying to take a pullback to trade further high, and also the market is in the Extreme Greed Zone, hence we might see some profit booking on Wednesday, and the Index towards the support level of 52,500.
“So here are the trading levels for Tomorrow – 51,500 – 52,500“
Bank Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 52,000 (26.94L) | 53,000 (57,91L) |
| 51,500 (21.64L) | 52,500 (30.90L) |
| 52,200 (17.10L) | 52,8000 (23.07L) |
Bank Nifty Put and Call OI data
Bank Nifty Support and Resistance Level for 3rd July 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 52,000 | 52,500 |
| 51,800 | 52,800 |
| 51,500 | 53,000 |
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 🙂
