Disclaimer: Information on this site is only for Education Purpose. Don't take our Articles as any Investment or Trading Advice, as we are not SEBI Registered.
Bank Nifty Prediction Today 27th Feb 2024. Go Short after 46,500
Bank Nifty is looking Bearish, as Monthly expiry is close, and Bank Nifty is also making a double top pattern indicating further downside.
As Banking Stocks are Weak nowadays we expect bank Nifty to Open Lower on Tuesday’s Trading Session breaking the support of the 46,500 level.
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.
Bank Nifty Outlook
Bank Nifty Opened almost 200 points lower than the previous Trading Session at 46,615 compared to the previous closing of 46,811 and tried to climb up but was unable to sustain at a higher level making an Intraday high of 46,893.15 and an Intraday low of 46,513.55 indicating further Bearishness.
Looking at the Bank Nifty Stocks, IDFC First Bank gains the most +1.33%, and Bandhan Bank loses the most -2.71%, where the Index Heavyweights including HDFC, ICICI, and SBI are almost flat if we average them.
Bank Nifty Prediction Today
Looking at the Bank Nifty Technical Chart, we can see that it is currently trading at 45,576, above its one important support level of 46,500, and it continuously testing this support level from the past week, indicating that the support might be Weak Now.
So, for Bank Nifty Prediction Today, We are expecting Bank Nifty to break the support of 46,500 and fall to 46,200 and then 46,000, as the monthly expiry of stocks is coming closer hence we can see some corrections in the stocks and an increase in the Volatility.
If we talk about FIIs and DIIs then they are somehow Bearish on the Indian Market as FIIs were the Net sellers Yesterday, and this trend might continue until the end of February.
Related:- Nifty Prediction Today
Note: The bank Chart is totally poised, as we can see a Double Top Pattern on the Bank Nifty Chart indicating further downside to the 46,000 level which we are expecting to happen, but it might possible that it takes support on the 46,500 level and then move upward, forming a Double Bottom Pattern, so keep a closer look at the Bank Nifty Chart.
Bank Nifty Support and Resistance for Today
Bank Nifty is Trading at the 46,500 level which is an important support level for Bank Nifty after being rejected from the 46,800 level in the previous trading session. So we can calculate that 46,500 is an important and immediate support for Bank Nifty followed by 46,200 and 46,000.
Whereas on the upperside 46,700 is an immediate resistance zone for
Bank Nifty is followed by 46,800 and 47,000 as the most Call OI is on the 47,000 level making it an unbreakable resistance as of today.
Here is the OI chart of Bank Nifty of Feb Expiry.
Note:- Sensibull has a lot of 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 – 46,500 (immediate and important Support)
S2 – 46,200
S3 – 46,000 (Strongest Support)
Bank Nifty Resistance
R1 – 46,700 (Current and important Resistance)
R2 – 46,800
R3 – 47,000 (Major Resistance Zone)
How to Trade in Bank Nifty Today
Hence we are expecting a fall in Bank NIfty so we can only look for Short Trade,
So here is the Trade setup for Today in Bank Nifty,
If Nifty Opens below 46,500 level and test the zone and start falling then you can go short till 46,200 and then 46,000.
But if Bank Nifty Opens flat you can wait, for the market to test the support of 46,500 and wait to breathe the support zone, then you can make a short trade.
We Can’t suggest you to Go Long in Bank Nifty in today’s trading session, and if the market stays flat then you can leave the trade for Today.
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.
Happy Trading 🙂
