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Bank Nifty Prediction for Monday, July 29, 2024.
Nifty Bank opened lower last Friday, continuing the bearish trend, but in the opening session, it made a Bullish belt-hold candlestick pattern at the support level of 50,450 and started heading upwards crossing the resistance of 51,000, ending the day with a gain of 407.20 points or 0.80% at 51,295.95 – breaking the 3-day losing streak.
The Index has shown a pretty good correction in the last week and now has strong support at the 50,000 level as it shows some recovery from this level in the last trading session, but still, we need to be cautious as it is in its correction phase.
Looking at the Bank Nifty Stocks,
Top Gainers: Bandhan Bank, AU Small Finance Bank, Kotak Mahindra, PNB, IndusInd
Top Losers: The Federal Bank, IDFC First Bank
Also Read: Best Semiconductor Stocks in India in 2024. Expert Picks
Bank Nifty Prediction for 29 July 2024
On the daily chart, Bank Nifty made a Bullish Engulfing Candle along with a Bullish Belt Hold Candlestick Pattern at the lower levels, indicating that the Bank Nifty may go up in the coming sessions, as it has already shown us a good correction in the last couple of weeks.
Now, the Index is recovering from one of the major support levels, hence we can expect some Bullish Move from Bank Nifty in the coming weeks with major support placed at the 50,500 and 50,000 levels, with the nearby resistance at the 52,000 level followed by 52,500.
Notable, Bank Nifty has long-term Trendline support at 49,500 if it continues to trade lower, as seen in the 1st image.
Look we are currently in the results season, and as of now – the major moves in the market are decided by the results of the stocks, so we can’t totally rely on the technicals, as some of the largest Bank Stocks are still in the queue to announce their Quarterly results that can direct the Index moves, including, ICICI Bank, PNB, SBI, and more.
Hence, looking for stock-specific opportunities is a smart move.
What to Expect from Bank Nifty on 29 July 2024
Anyway, for Monday, 29 July 2024 – Bank Nifty is likely to remain positive, as the Index has shown some recovery from the lower support levels in the last trading session, and FIIs have also turned net buyers in the Bank Nifty Futures on Friday compared to the previous trading session, with total bought Bank Nifty Futures worth Rs. 188 cr compared to -3704 Cr Futures sold in the previous trading day.
Before 29 July we have two major banking stock results in the queue including ICICI and PNB which are announcing their results on 27 July, so we can get a good idea about the Bank Nifty moves after their results as they weigh more than 25% in the Bank Nifty Index.
Moving Further, if Bank Nifty continues to move further taking support at 51,000, and if opens the gap up then 51,500 on Monday, then we can easily see Bank Nifty reaching 52,000 but for further high, it needs a major push, as 52,000 has the highest Call OI as of now, so buyers need to do some extra work to move it even higher towards the 53,000 mark.
But if it falls then we have immediate support at the 50,500 followed by 50,000 and 49,800 levels.
Bias – Sideways to Positive
“So here are the trading levels for Monday, 29 July 2024 – 50,000 – 52,000“
Bank Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 50,000 (17.71L) | 52,000 (23.05L) |
| 51,000 (15.53L) | 52,500 (18.62L) |
| 50,500 (15.06L) | 51,500 (16.44L) |
Bank Nifty Support and Resistance Level for 29 July 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 51,000 | 51,500 |
| 50,500 | 52,000 |
| 50,000 | 52,500 |
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 🙂
