Bank Nifty Prediction for Tomorrow – Thursday, 2nd May 2024

Nifty Bank opened higher on Tuesday and traded higher throughout the day till 2:30 PM, after then we saw heavy selling pressure in Index heavyweights including HDFC, ICICI, and SBI Bank taking Ban kNifty down from 49,975 level to 49,300 level which is almost 1.20% drop from the day high in an hour.

Also Read: Nifty Prediction for 2nd May 2024. Expiry Day Analysis

Bank Nifty Prediction for Thursday, 2nd May 2024

In the previous trading session, Bank Nifty just stayed 25 points behind touching the historic 50,000 mark, and it feels so bad. Anyway, we saw a roller coaster in Bank Nifty in the last trading hour, making it reach an all-time high of 49,974.75, but it closed at -1.15% lower from the day high, making a Shooting Star type candle on the top.

So, for Thursday, 2nd May 2024, I expect Bank Nifty to fall around 49,000 and a further 48,800 level, as we saw a heavy fall in the US market yesterday after the higher-than-expected labor costs data.

Anyway, If Bank Nifty falls on Thursday, then it has the first support around the 49,000 level followed by the 48,800 level.

But for any conclusion, we need to wait for the US Federal Reserve meeting ending today on the Monetary Policy, and if there is any rate cut then we may see a bullish market on Thursday, but if the rate remains unchanged, then tomorrow may be a bear market.

Bank Nifty Support and Resistance for Today

Green Lines are the Support Levels, and Red Lines are the Resistance Levels

Nifty Bank is turning bearish after being untouched from the historic 50,000 mark on Tuesday, giving a closing around 49,400 level.

So, our first support is at the 49,3000 level followed by the 49,200 and 49,000 levels, and on the upper side, Bank Nifty may face resistance from the 49,500 level followed by 49,700, and 48,800 levels.

Here is the OI data and PCR of the Bank Nifty for today,

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Wait for US monetary policy for any direction, then we will update the trade setup.

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.