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Bank Nifty Prediction Today, 28 August 2024. Expiry Analysis
Bank Nifty opened flat yesterday and traded in a range with resistance at the 51,400 level and ended the day with a minimum gain of 130.65 points or 0.26% making an Intraday high of 51,404 and an Intraday low near the support level of 51,000 at 50,938.10
On the daily chart, a Doji candlestick is formed after a Shooting Star formation on Monday, which somehow indicates a negative bias but FIIs are heavily buying the Bank Nifty Futures, which says a different story.
Looking at the Bank Nifty Stocks,
Top Losers: Federal Bank, Kotak Mahindra Bank, PNB, HDFC Bank, IndusInd
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Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Bank Nifty Prediction for 28 August 2024
On the hourly chart, Bank Nifty is slowly rising forming a Higher Highs and Higher Lows Pattern, after taking support at the 49,800 level where it forms a Double Bottom Pattern – suggesting a potential upward direction in Bank Nifty in the coming days.
But as today is the weekly expiry of the Bank Nifty index we may see a sideways market following a downward trendline where it reacted yesterday at the 51,400 level.
But we also have the support of the Higher Highs and Higher Lows pattern at the 51,100 level and following this the market movement is very limited and till it breaks either of the trendlines, we may not interpret any future moves.
Also, Keep in Mind that Bank Nifty is most likely to move upward following the Higher Highs and Higher Lows pattern and the FIIs Buying in Bank Nifty Futures, so there may be a chance that Bank Nifty will fall and take support at the 51,000 level, and then bounce back with potential resistance at the 51,500, 51,800, 51,800 and 52,000 levels.
What to Expect from Bank Nifty on 28 August 2024
The market View is Positive, so for Today, 28 August 2024 – Bank Nifty may trade higher with potential nearby resistance at the 51,500 level. But as today is the weekly expiry of the Index we may say a highly volatile market with minimal directional movement.
Also, the RSI is indicating a rising market and the MACD is giving a positive crossover, suggesting a Bullish Market, and most likely the market will trade higher in the coming weeks following the US Fed announcement of rate cuts in September.
The Nearest support for Bank Nifty for today is placed at 51,100 at the trendline, followed by 51,000 and 50,500 levels, where the resistance is placed at the 51,500 and 52,000 mark.
“So here are the trading levels for Tomorrow – 50,000 – 52,000“
Bank Nifty Support and Resistance Level for August 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 51,000 | 51,500 |
| 50,800 | 51,800 |
| 50,500 | 52,000 |
Bank Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 51,000 (34.98L) | 52,000 (42.41L) |
| 50,000 (32.71L) | 51 500 (33.67L) |
| 50,000 (26.49L) | 52,500 (30.73L) |
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 🙂
