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Bank Nifty Prediction for Monday, 12 August 2024
As we have seen a strong recovery after the correction, Bank Nifty is still behind in caching the momentum and for now, it has the immediate resistance at the 51,000 level with support at the long term trendline at the 50,000 mark.
Following Nifty, Bank Nifty also traded in a range but saw more volatility than Nifty where it faced resistance at the 50,600 level in the intraday, and ended the day with a gain of 0.65% or 327.80 points, at the 50,484.50 – making an Intraday high of 50,707.75 and an Intraday low of 50,386.45.
As Bank Nifty saw consolidation in the past week following the correction after the global equity sell-off, it’s trying to rise following the long-term trendline support at 49,700 level indicating a slow but steady long-term up move in the Index, as we saw a strong Buyback from the lower support levels.
It has also formed an Ascending Triangle Like Pattern on the hourly chart, with resistance at the 50,700 level and following this, if Bank Nifty breaks above this level and falls back then we may see a negative move in the index for the short term.
Looking at the Bank Nifty Stocks,
Top Gainers: SBI, Federal Bank, Bank of Baroda, IDFC First Bank, PNB
Top Losers: Kotak Mahindra Bank, AU Small Finance Bank
Also Read: Bank Nifty Stocks Weightage
Bank Nifty Prediction for 12 August 2024
On the Daily chart, Bank Nifty is rising after strong Buying from the lower levels supported by the long-term ascending trendline with support at the 49,700 mark, indicating a Buying Driven market this week, but as it is currently recovering from the correction phase, we may see a slow market.
Also, the Technical indicators like RSI are indicating a sideways market as it is currently rising from the oversold zone but still below the 50 mark at 41.86 indicating a potential upward movement, and the MACD is also on the verge of a Bullish crossover, but still left behind the signal line with minor points, as the index is not able to convert its early gains into a bull run.
For Bank Nifty, the near-term resistance is at the 51,000 level and possibly we may see a rejection from this level and then it rises back with support at the trendline at the 50,000 mark.
What to Expect from Bank Nifty on 12 August 2024
For Monday, 12 August 2024, Bank Nifty is likely to trade sideways market with a positive bias and it might try to break above the resistance of 51,000 and more likely fall back during the day as 51,000 has the highest Call OI in near-term prospects.
So, for Monday, Bank Nifty may open a gap up but again it trades in a range-bound market, as there is no clear sign of any Bullish market as of now, nor from the global level nor from the Indian Market.
In the Bank Nifty Futures, FIIs are a minor Bullish because of the short covering in the market, so anticipating this as any Positive sign for the Index is a Bullshit, and till Bank Nifty crosses and sustains above the 51,000 mark, we need to stay under control and look for stock specific opportunities.
“So here are the trading levels for Tomorrow – 22,050 – 22,325“
Bank Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 50,000 (19.99L) | 52,000 (19.01L) |
| 49,000 (14.91L) | 51,000 (18.44L) |
| 49,500 (12.87L) | 50,500 (18.07L) |
Bank Nifty Put and Call OI data
Bank Nifty Support and Resistance Level for 12 August 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 50,500 – 50,000 | 51,000 |
| 49,500 | 51,500 |
| 49,000 | 52,000 |
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 🙂
