Bank Nifty Prediction Today – 16 February 2024. Can Bank Nifty reach 47,000?

We are Expecting Bank Nifty to gain 600-700 points on Friday 16th February 2024, to reach the level of 47,000.

Yesterday’s Bank Nifty Overview

Bank Nifty is approaching one of the major Seller zones 46,250, and even though Nifty 50 traded Sideways, Bank Nifty Continues to go up on Thursday by 0.68% (+310.60 points).

Where Index Heavyweight HDFC Bank Plays a major role by making a solid comeback on Thursday (+2.17%), and with this PSU Banks also continued to rally where SBI is up by 2.46% and Bank of Baroda is up by 2.95%, helping Bank Nifty to rally in a slow market, where Bank Nifty touches its Intraday Low of 45,590, which is 310 points lower from previous day closing.

Must Read – Nifty Prediction for Today 16th Feb, 2024

FIIs, DIIs, and Pros Data (What Are they Indicating)

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In Img. 1 you can see that FIIs are Bullish on the Indian Market and this is the third consecutive day for FIIs to be bullish on Indian Markets indicating that Market Sentiments are changing from Bearsish to Bullish, as even after opening Gap down Indices managed to close the Market in Green.

As I always say, FIIs are correct almost all of the time, hence they are not looking to drop the market anymore, also Bank Nifty broke the major resistance of 46,000 and managed to close above 46,000.

Look at Img. 2, FIIs are Net Bullish on the Market, as they increase both Long and Short positions in Call Options a little bit, but smartly decreasing Long positions in Put Options is a huge Amount resulting in less volatility in the Market, as retailers are Bearish in the Market.

Hence, there is no clue that FIIs are going to Drop the Market in the coming Trading Sessions.

Bank Nifty Prediction for Today (16th February 2024)

Bank Nifty is just at its Resistance level of 46,200 and if today its Bank Nifty opens Flat, then it might travel to 46,500 in speed, but if opened Gap Up then we may see Bank Nifty touching the 47,000 mark.

As Bank Nifty is forming a Double Bottom Pattern on the Hourly Chart indicating a further upside move of 700 – 800 points to 47,000 levels which is a major seller zone putting a break on further Upside move.

But if, Bank Nifty Opened Gap Down then the market may be sideways for a full day, as Retailers are also turning Bullish, and remember Retailers are Wrong most of the Time.

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

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Here is the OI Data of Bank Nifty’s 21st February Expiry, and you can see that currently market is at the 46,200 level, there is not any major clash between Cal land Put sellers at this level, until 46,500 but the major resistance for Bank Nifty is at 47,000 level.

But on the Opposite side, We can see huge support Building Up at the 46,000 level followed by 45,800 and 45,500.

This OI acts as Resistance and Support and you can also see that in the Chart Below.

You can see that Bank Nifty is retracing back from 46,250 so many times in the past, taking support at 45,000 and 44,000 respectively.

How to Trade in Bank Nifty Today

Wait for the Market to Sustain at 46,200 and take a closer look at PCR if it increases then you can look for 46,500 and then 47,000 but if the market Opens Gap Up and you don’t have time to enter the market then wait to Pullback, and enters till market reaches 47,000.

Once it reaches 47,000 then wait for reversal to sort till 46,500 and if there is no reversal, they Keep Calm and Watch the Market without any Trade.

Just Learn and Observe.

Hapy Trading,