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Bank Nifty Prediction for Tomorrow – May 29, 2024. Expiry Analysis
Nifty Bank is forming a Descending Triangle Pattern, which indicates a fall ahead but it may trade sideways of Wednesday because of the weekly expiry
Like Nifty, Bank Nifty also opened a little higher today, but selling from the 49,500 level took it down toward the 49,000 level, making a lower-high and lower-low pattern.
If we look at the chart then, Bank Nifty falls on Tuesday because of the shooting star Candlestick formed around the higher levels on Monday, but this may not last long and Bank Nifty may trade sideways on Wednesday, 29th May 2024
Looking at the Bank Nifty Stocks,
All the Banking Stocks in the Bank Nifty are in the red territory, except there of them which were, HDFC Bank, AU Small Finance Bank, and Bandhan Bank
Top Gainers: Bankdhan Bank, AU Small Finance Bank, HDFC Bank
Top Losers: Federal Bank, Bank of Baroda, PNB, IDFC First Bank, Kotak Bank
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Bank Nifty Prediction for 29th May 2024
Looking at the chart, Bank Nifty formed a Shooting Star candle on the daily time frame on Monday which indicates a fall in the index and it seems to be happening as the Bank Nifty fell by a slight margin today and may fall further.
But, as of now, it is currently trading around the support level of 49,000 which may provide some cushion for Bank Nifty on Wednesday also tomorrow is the weekly expiry of Bank Nifty so I am also not expecting any major fall in the index.
What to Expect on Wednesday 29th May 2024
So, on Wednesday, 29th May 2024, Bank Nifty may fall a little lower, but it may trade around the 49,000 level for the whole day, and taking weekly expiry into account, we may not see any major movement in the index.
Anyway, if it falls below the 49,000 level which doesn’t seem happening but in case it falls below this level then the next major support is at the 48,700 level and I am quite sure that it may not fall this much tomorrow so, you can expect a reversal or support at all the round numbers as tomorrow is the weekly expiry.
But-but-but if you look at the technical chart, then Bank Nifty is forming a Descending triangle chart taking support at the 49,000 level, which indicates a fall ahead, and if it falls you know what to do.
So here are the trading levels for Tomorrow – 48,800 – 49,300
Bank Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 48,000 (42.02L) | 50,000 (48.29L) |
| 49,000 (26.49L) | 49,500 (35.78L) |
| 48,500 (19.13L) | 49,600 (25.72L) |
Bank Nifty Put and Call OI data
Nifty Bank Support and Resistance for 29th May 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 48,800 | 49,200 |
| 48,700 | 49,500 |
| 48,500 | 49,700 |
Bank Nifty Trade Strategy for 29th May 2024
Look, in my opinion, Bank Nifty may trade sideways for the whole day on Wednesday, 29th May 2024, so staying out of the market is a good option.
But it is also forming a Descending triangle pattern which is a concern for buyers and it may fall further so, if Bank Nifty breaks below the 49,000 level then it may fall to the 48,800 – 48,700 level as these are the key support levels for Nifty Bank which also works fine previously.
So, if Bank Nifty breaks below the 49,000 level then you can go short but only after the confirmation (like any Bearish pattern, falling RSI, or Short Buildup) till the next support level.
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 🙂
