Bank Nifty Prediction for Today – 19th Feb, 2024. Go Long, if it takes Support at 46,200.

Bank Nifty is looking Attractive as it is currently above its previous resistance level of 46,200, making a double-bottom pattern on the hourly chart indicating further Upside to 46,500 – 47,000 and more.

In this Bank Nifty Prediction for 19th February 2024.

Yesterday’s Bank Nifty Overview

Previously on Friday 16th Feb 2024, Bank Nifty opened Gap up at 46,461.60 up by 0.4% but unable to sustain and dropped Instantly taking support at 46,300, and remains sideways for the whole day, trapping retailers.

On the Intraday Chart Bank Nifty makes a high of 46,691 but can’t able to maintain the higher level and slips back taking support at 46,300. Basically in the Previous trading session, there was a trap for retail traders as Bank Nifty is just moving within the range of 200 points (46,300 – 46,500) and that’s abnormal.

The main reason for Yesterday’s market is that FIIs are not interested in moving the market, as they just short almost the same quantity on both sides.

Also Read – Nifty Prediction Today 19th February 2024.

Bank Nifty Prediction for Today (19th February 2024)

This is the 1-hour chart of Bank Nifty and as you can see, Bank Nifty is forming a Double-Bottom pattern on its hourly chart indicating further movement in the Upside Direction.

This is also confirmed by seeing that after the continuous upside movement for the last 3 trading sessions, it’s waiting above its previous resistance level for a further Up Move. Also Bank Nifty is above its previous resistance level of 46,200 maintaining its position looking ahead for 46,500 and 47,000.

Important- So for Today, I think Bank Nifty may open Gap Up above 46,500 and if it manages to sustain itself at a higher level or take support at 46,500 after opening the gap up then Bank Nifty may ride to 47,000 on 19th February 2024.

But if Bank Nifty fails to maintain its position at 46,500 then there is no nearby support till 46,000.

Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the data after analyzing the Market.

Bank Nifty Support and Resistance for Today, February 16, 2024.

Looking for Today, Currently Bank Nifty is Trading at 46,384.85 facing Resistance from the 46,500 level and taking support at the 46,300 level (immediate support of the previous trading day). But If we Look at the Bigger picture then we can see that there are more Call OI at the 46,500 level which basically acts as Resistance, and on the other side there are 7.28Lakh Put OI added on Friday compared to 4.86Lakh Call OI at 46,500 level, indicating that the call sellers are losing positions.

So for Today, There are still more Call OI at 46,500 that still act as a resistance level followed by 46,700, 46,900, and 47,000.

On the other side, 46,200 is the immediate support for Bank Nifty followed by 46,000, 45,700, and 45,500.

How to Trade in Bank Nifty Today

Currently Bank Nifty is Trading at its Support Level of 46,300 facing resistance from 46,500 and 46,700 levels. But the good thing is that it is maintaining its level above its previous resistance of 46,200.

So, as we are expecting a Bullish Market for Today 19th Feb 2024, so you first need to wait until the Market Opens, then make the trading decision, as follows,

If the Market Opens GapUp above 46,500 and holds the position above 46,500 then you can go long till 46,700 and then 47,000 trailing the Stoploss to the next resistance once the current resistance is breached. But if it fails to hold the 46,500 level then you can go for short positions till 46,200 and then 46,000.

But if the Market opens Flat or below the level of 46,500 then you need to wait to move the market upward and breach 46,500 then go for a long position till the next resistance level. But if it slips after opening then, you can short the market after the 46,200 level, and trail the positions to the next support as the support breaches.

Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the data after analyzing the Market.

Happy Trading 🙂