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Bank Nifty Prediction for Tomorrow – Monday, 1st April 2024.
Nifty Bank is looking Strong as it is already trading around its support level of 47,000. Any we are looking for 47,500 in Monday's Trading Session.
Bank Nifty opened on a positive note on Thursday and continued to move upward making an Intraday high of 47,440 as Index heavyweights are looking in a good mood, including HDFC, ICICI, and SBI Banks.
But the selling in the last hour took Bank Nifty to its support level of 47,000 as the previous trading day was the Monthly expiry of Stocks and the last day of FY24, so the fall is kind of Expected.
Related: Nifty Prediction for Tomorrow – Monday, 1st April 2024
Bank Nifty Prediction Today
Nifty Bank is looking Strong, as the Banking Sector has underperformed in the last couple of months, so we may see a good Bullish move in Nifty this month.
Anyway, for Monday, we Think Nifty Bank will open a little higher around the 47,200 or 47,300 level as the Index is already at its strongest nearby support level of 47,000, hence we expect a good upside move in Bank Nifty to 47,500 or even higher levels.
Any downside will take Bank Nifty to its support level of 47,000 but breaching the support level on Monday does not seem happening.
Bank Nifty Support and Resistance for Monday, 1st April 2024
Green Lines are the Support Levels, and Red Lines are the Resistance Levels
Bank Nifty is Currently at 47,124 taking support at 47,000 which acts as the strongest and nearest support for Bank Nifty followed by 46,800 and 46,500 levels.
And, On the upper side, Bank Nifty has an immediate resistance at 47,500 followed by 47,800 and 48,000 levels which is a major hurdle for Bank Nifty.
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 – 47,000 (immediate Support)
S2 – 46,800
S3 – 46,500 (Strongest Support)
Bank Nifty Resistance
R1 – 47,500 (Current and important Resistance)
R2 – 47,800
R3 – 48,000
How to Trade in Bank Nifty Today
For Trading in Bank Nifty, we advised to go long on the dip, as Bank Nifty is Strong as of today. So the important levels are 47,000 which is a support level, and 47,500 from where Bank Nifty might face a little bit of resistance. But you need to watch Bank Nifty at 47,200 as it is also an important zone.
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 🙂
