Disclaimer: Information on this site is only for Education Purpose. Don't take our Articles as any Investment or Trading Advice, as we are not SEBI Registered.
Bank Nifty Prediction for Monday, 21 October 2024
On Friday, Bank Nifty surged over 1.5%, led by strong performances from major banks like ICICI and Axis Bank, with Axis Bank rising over 5% post quarterly results. The index closed at 52,000, forming a bullish engulfing pattern. Support levels are at 51,500 and 51,000; resistance stands at 52,500 and 53,000.
Bank Nifty rallied more than 1.5% on Friday led by the Index Heavyweights including ICICI Bank, Axis Bank, SBI, and Bank of Baroda which rallied more than 1% each whereas the Axis rallied more than 5% after better-than-expected quarterly results.
On the Daily chart, Bank Nifty forms a Bullish Engulfing Pattern after a rally carried by the Index Heavyweights and as a result, the Index leads above the 52,000 mark and closes with a gain of 1.57% or 805.40 points on Friday.
Looking at the Bank Nifty Stocks,
Top Gainers: Axis Bank, ICICI Bank, Bank of Baroda, Canara Bank, SBI
Top Losers: IDFC First Bank, AU Small Finance Bank
Also Read: Bank Nifty Stocks Weightage
Bank Nifty Prediction for 21 October 2024
On the technical chart, Bank Nifty seems Bullish as it rallied above the resistance zone of 52,000 without difficulties and managed to sustain above this level which indicates a Bullish market ahead.
After a sharp fall in the last 2nd week and a consolidation in the past week, Bank Nifty rebounded from the month low on Friday taking support at the 51,000 level. And as a result the RSI on the daily chart surpassed the 50 level which means the Index is still positive and we can expect some more upside from the Bank Nifty in the coming week.
What to Expect from Bank Nifty on 21 October 2024
Bank Nifty is likely more positive compared to Nifty and most importantly the quarterly result of the heavyweights surprised the streets indicating a strong Buying Driven market next week with support at 51,500 and 51,000 levels.
the immediate support for the index is placed at the 51,500 level followed by the 51,000 mark, whereas the resistance is still holding at the 52,500 level followed by the 53,000 mark.
Anyway, the index is positive but going after stock-specific options is a great move till the result season is going on.
“So here are the trading levels for Tomorrow – 51,000 – 53,000“
Bank Nifty Support and Resistance Level for 21 October 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 51,800 | 52,200 |
| 51,500 | 52,500 |
| 51,000 | 52,8001 |
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 🙂
