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Bank Nifty Prediction for Monday, 13th May 2024
Bank Nifty closed lower on Friday due to waning interest in large cap bank stocks and selling pressure in the PSU. It may find support around 47,300 but is expected to trade sideways with a slight downward movement. Expect a negative opening on Monday, potentially testing resistance levels at 47,500 and 47,800 levels.
Opening higher didn’t seem to work for Bank Nifty on Friday as it closed in Red against Nifty, which closed with a gain of +0.44% respective of -0.14% loss of Bank Nifty.
The main reason for Bank Nifty to close in Red on Friday is that the Buyers are losing interest in Large Cap Bank Stocks and the selling pressure in the PSU amid good q4 results.
Top Losers: Bank of Baroda, Kotak Mahindra Bank, and HDFC Bank
Top Gainers: Bandhan Bank, Federal Bank, and PNB
Must Read: Nifty Prediction for Monday, 13th May 2024
Bank Nifty Prediction Today
Nifty Bank opened higher on Friday, but selling in PSU Banks and the losing Buying Sentiment took Nifty Bank down, closing at -66.80 points lower from the previous trading session.
It looks like, the Index is weak but if we look at the technical chart then we can see that, the Nifty Bank is taking support around the 47,300 level – which is at the Long-Term trendline and maybe the potential support level for Bank Nifty, so, the market may reverse from here.
But from my perspective, the Indian Market is likely to trade sideways with a slight downward movement including Bank Nifty this week, so we may see Nifty Bank fall and take support around the psychological level of 47,000, and then it might reverse and start trading in Green.
So, what to expect for Monday,
I expect Bank Nifty to open on a negative note, below the 47,300 level and then it may travel upward to test the resistance zone of 47,500 and 47,800 levels. But if Bank Nifty falls below the 47,300 level and then it isn’t able to move above this level then, we might see Nifty Bank to 47,000 level on Monday.
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Bank Nifty Support and Resistance for Today
Green Lines are the Support Levels, and Red Lines are the Resistance Levels
Looking at the chart, Nifty Bank is taking support around the 47,300 level which also acts as a support level previously, and also it is on the current Long Term Trendline.
so, on the lower side, Nifty Bank has an immediate support of 47,300 followed by 47,000 and 46,800 levels.
On the upper side, Nifty Bank has current resistance at the 47,500 level followed by 47,800 and 48,000 levels.
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 – 47,300 (immediate Support, may not work properly)
S2 – 47,000
S3 – 46,800
Bank Nifty Resistance
R1 – 47,500 (Current and important Resistance)
R2 – 47,800
R3 – 48,000
How to Trade in Bank Nifty Today
Nifty Bank is looking weak, but I am not expecting a major fall in Bank Nifty on the 13th of May, as it is trading on its current trendline support around the 47,300 level and buyers might try to push it higher.
So, here is the trade setup for Bank Nifty for 13th May 2024
If it opens lower then we can wait for it to face resistance from the 47,300 level then we can Go Short till the next support level.
But if it opens flat, or on a positive note, then a long trade can be initiated immediately, till the next resistance levels.
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 🙂
