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Bank Nifty Prediction for 7th June 2024. Will it Touch 50,000 again?
Nifty Bank faced a 10% drop but regained 2500 points in 2 days. On Thursday, it showed weak performance and closed below the previous day. However, it gained 0.48% thanks to PSU banks. The prediction indicates potential upward movement, with the resistance level at 49,500. Tomorrow's trade may range between 48,800 and 49,800.
Once Again, Nifty Bank is trading around the 50,000 mark after falling almost 10% on the Election Result day, anyway, this sudden selling in the market after the suspicious buying after the Exit Polls prediction is Manipulation in my opinion, but still, Bank Nifty gained its previous trading level and recovered around 2500 points in just 2 days.
On Thursday it opened a little higher but the buyers are not showing much interest in Banking stocks today, hence the index falls below the previous closing after sudden buying in the early trading session, as it seems weak compared to Nifty50.
But still, it manages to close the day in green where Bank Nifty is up by 0.48% or 237.30 points, thanks to PSU Banks including SBI, Bank of Baroda, and PNB which moves +3.44%, +3.42%, and +1.68% respectively.
Looking at the Bank Nifty 50 Stocks,
Top Gainers: SBI, Bank of Baroda, PNB, Kotak Mahindra Bank, HDFC Bank
Top Losers: AU Small Fin Bank, IndusInd Bank, Axis Bank, The Federal Bank
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Bank Nifty Prediction for 7th June 2024
Bank Nifty is again gaining momentum as it recovered almost 2500 points in just 2 days, which is crazy, and currently trading around its resistance level of 49,500, which in my opinion an easy win for Bulls if everything goes fine then we might see Bank Nifty above 50,000 in coming days.
What to Expect from Bank Nifty on 7th June 2024
Looking at the technical chart – Bank Nifty is currently trading upward after taking support from the 47,000 level and now it’s facing a soft hurdle from the 49,500 level which in my opinion an easy resistance for Bank Nifty and if it Breaks and stays above this level then we may see 50,000 tomorrow.
So, on Friday, Bank Nifty may open on a positive note around the 49,500 level and if it stays above the 49,500 in the early trading session, then we may see it around the 50,000 once again. But if it falls then 49,000 is a good support for Bank Nifty for Tomorrow.
But if we look at the OI then, it seems that both the Bulls and Bears are not ready to leave the position as they added position on the 49,000 and 49,500 level indicating that Bank Nifty may trade between these levels on Friday, but this is less likely. (Who Knows)
“So here are the trading levels for Tomorrow – 48,800 – 49,800“
Bank Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 49,000 (11.31L) | 50,000 (14.32L) |
| 48,500 (10.54L) | 49,500 (10.52L) |
| 48,000 (10.1L) | 49,000 (9.86L) |
Bank Nifty Put and Call OI data
Bank Nifty Support and Resistance Level for 7th June 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 49,000 | 49,500 |
| 48,700 | 49,800 |
| 48,500 | 50,000 |
Bank Nifty Trade Strategy for 7th June 2024
So, Bank Nifty has been trading in the green for the last two trading sessions, and it’s near its biggest resistance level of 50,000 but first, it needs to cross and stay above its nearby resistance level of 49,500.
So, here is the trade setup in Bank Nifty for 7th June 2024,
If Bank Nifty opens gap up around the 49,500 level then we need to wait for it to stay above the 49,500 level then we can go long till the next resistance level.
But if it falls below the 49,000 level (and once faces resistance from this level) mark then we may need to initiate the short trade till the next support level.
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 🙂
