Bank Nifty Prediction Today – 21st February 2024.

Bank Nifty just crossed the 47,000 level and somehow managed to close above 47,000 in the previous trading session, But I don’t think that in Today’s Trading session, Bank Nifty will close above 47,000.

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.

Yesterday’s Bank Nifty Overview

On Tuesday, 20th Feb 2024 Bank Nifty opened Gap Down -90.6 points from the previous trading day closing of 46,535.50, but after 15 minutes of trading Bank Nifty managed to reclaim the 46,500 level, and continued to move up as there is not any major resistance below 47,000.

Once it reaches near 47,000, Bank Nifty goes flat for the remaining day but somehow manages to close at 47,126.65 above the major resistance level of 47,000, indicating further upside movement to 47,500 (But it’s not looking to happen in today’s trading session).

Looking at the Bank Nifty Stocks, HDFC Bank gains the most +2.63%, and Federal Bank tanks the most -5.25%. On a single note – all the major Banks Including both Public and Private sector gains except, IDFC First Bank (-0.49%), Au Small Finance Bank (-0.04%), The Federal Bank (-5.25%), and Bandhan Bank (-0.52%).

Bank Nifty Prediction for today – 21st February 2024. (Expiry Special Trade Setup)

As Bank Nifty is above its resistance level of 47,000, because of the heavy put writings at 47,000 (+25.87 lakhs contracts) making 47,000 an immediate support for Bank Nifty.

Important- So, for Today, I am expecting Bank Nifty to Open Gap Down, just below 47,000 as Bank Nifty is Forming a Bearish Wedge Pattern on the 5-minute chart indicating an increase in Bearish Sentiment in the Market. One more thing to note is that, while there is heavy Put Writing on the 47,000 level today, Call Writers didn’t leave any positions on Yesterday’s Trading Session, Indicating that the market is Weakning.

As of the Data and the current Bullish Trend, I don’t think that the market will fall sharply instead, it may take support at 46,700 and 46,500 levels because the overall trend is Bullish, and also there are heavy Put writings at the 46,500 level acting as a major Support area.

Bank Nifty Support and Resistance Levels for 21st Feb 2024

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In the image above the Green line indicates the support zone, and the Red Line Indicates the Resistance zone, So for today the 1st and immediate support for the market is at 47,000 (as call and put OI are almost equal at 46,000), but if the Market Opens a Gap down then it might act as Resistance.

Then if Bank Nifty Slips down then 46,700 acts as a major resistance level as the market already reacted from this level previously, then the Next support is at 46,200 and the Major support for Bank Nifty is at 46,000 (as 46,000 has the most Put OI currently).

For the Upperside immediate resistance is at 47,200 followed by 47,500 and 47,800. As market sentiment is looking bearish for today I don’t think that Bank Nifty go up as high as 47,800.

Here are the support and Resistance Levels

How to Trade in Bank Nifty Today (Expiry Special Trade Setup)

I am Expecting Bank Nifty to Fall Down and take support at the 46,700 or even lower at the 46,500 level. Keeping that in Mind, Today’s trade setup is focused on the short-term Side.

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.

So, here are the Possibilities,

If Bank Nifty Opens Gap Down – then we first wait for the first candle to see the market interest, and if it is a healthy red candle then we can go for the short side till the 46,700 level, and if the 46,700 is breached we can look at Bank NIfty to Take Support at 46,500 level and bounce back.

If Bank Nifty Opens Flat – Then we can wait and see the Market to move in any one direction then we can go in that direction till the Next Resistance or Support level. But if it stays Flat or seems there is no volatility at all then be calm and watch the market. And for checking Volatility, you can use Bollinger Bands (As Bollinger Band is one of our 7 best Indicators for Options Trading).

If Bank Nifty opens Gap Up – Then wait and watch the Market till it reaches the 1st resistance level, then you can only initiate any trade, So let’s suppose Bank Nifty is at its Resistance level then look at the PCR and the change in Open Interest and then make any decision after only, if Bank Nifty breaks the resistance then go long till next resistance, or it falls down then go short till the 1st support level.

Happy Trading 🙂