Bank Nifty Prediction for 3rd May 2024. Is this the Pullback?

Nifty Bank opened a little bit lower than the previous closing but returned back to normal as the market opened because of HDFC Bank(+0.80%), but selling in other major Banks including ICICI(-0.95%), Axis(-1.38%), PNB(-2.13%), and Kotak Mahindra Bank(-2.97%) took Nifty Bank down by 165 points.

As we saw selling in Bigger Banks, on the other hand, smaller banks including AU Small Finance Bank(+1.85%), Federal Bank (+3.32%), and Bandhan Bank(+1.30) saw some buying interest.

Must Read: Nifty Prediction for 3rd May 2024

Bank Nifty Prediction Today

Looking at the technical chart of Nifty Bank, it seems that the Index is taking a Pullback from the major resistance level of 50,000 and this is the sign of the next bull run if Bank Nifty crosses the 50,000 mark.

Yesterday we saw selling in Banking Stocks, taking the Index down by -165 points or -0.34% from the previous closing. But this looks like intentional selling or profit booking, and may not stay for long.

So, we may see a sideways market for the next few days, between a range of 48,400 to 50,000.

Anyway, for today, Bank Nifty seems to open a bit higher around the 49,500 level and may try to chase the resistance level of 50,000 but I am not expecting any more move as on Friday. But any downside in Bank Nifty may stop around the 49,000 level and until the breakdown of the 48,500 level, traders will not need to worry about any further Bearishness.

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

Looking at the technical chart of Bank Nifty – it seems that sellers are taking charge but buyers are not letting them win, so we assume a range-bound market, where Nifty Bank nearest support is placed at 49,200 level followed by 49,000 and 48,800 levels.

On the Other hand, the index is facing resistance from the 49,500 level followed by 49,700 and 49,800 levels.

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

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Nifty Bank looks to open on a higher note on Friday, so we can go for long trades but the resistance level of 49,500 is looking strong in the near term, so you need to be cautious before going long above the 49,500 level.

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