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Bank Nifty Prediction Today 28th Feb 2024. Go Short if Market Falls.
Bank Nifty is trading at its support level of 46,500 and we are expecting Bank Nifty to fall further as Market is Weak and Monthly expiry is too close.
Bank Nifty is Weak, as PSU Banks are dragging the Index down and also the Index Heavyweights are not looking Bullish, hence we are expecting Bank Nifty to trade lower on Wednesday.
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
On Tuesday Bank Nifty opened almost -100 points lower but somehow managed to close in green yesterday after Making an Intraday low of 46,328.45 the index bounced back to test the resistance zone of 46,700 and closed at 46,588.05 or 0.02% up compared to previous trading session.
Banking Stocks are weak including Index heavyweights HDFC, ICICI, and SBI and most importantly PSU Bank are the worst performers helping in dragging the index lower at 46,500.
We wouldn’t be surprised if Bank Nifty Broke the support level of 46,500 as it tested it too many times and it is also forming a double top pattern on the chart, indicating further downside, and the weekly expiry is also close, hence we can see some volatility in the Banking Stocks.
Also Read: Nifty Prediction Today 28th Feb 2024
Bank Nifty Prediction Today
Look at the Chart of Bank Nifty, as you can see that it is making a double-top pattern on the hourly chart indicating further downside to the 46,200 and 46,000 levels, but be cautious as the monthly expiry is too close so the Index may remain sideways.
But anyway, In today’s Trading Session, Bank Nfity may open a little gap-down or flat as the index is weak compared to Nfity 50, So for Today Bank Nifty may Break the support level of 46,500 and if gets rejected from the 46,500 level then it can fall further to 46,200 and further 46,000.
If we look at the FIIs data then they are also bearish on Banking Stocks, and the Call Open Interests are also rising at the 46,500 level, indicating a further fall, to the next support level.
Bank Nifty Support and Resistance for Today
The index is Trading at the Support level of 46,500, after testing it too many times in the recent days, indicating that the Support might get weaker and the Index may fall further to the 46,200 and 46,000 levels.
So here comes our support which is 46,500 (current supports followed by 46,200 and 46,000, and on the upper side Bank Nifty is facing resistance from the 46,700 level followed by 47,000 and 47,200.
But remember every Round Nuber is a psychological level acting as Support and Resistance, so If any Support or Resistance Breaches then the Next Round Number takes the place of the previous level either Support or Resistance.
Here is the OI Data of Bank Nifty
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Bank Nifty Support
S1 – 46,500 (immediate Support)
S2 – 46,200
S3 – 46,000 (Strongest Support)
Bank Nifty Resistance
R1 – 46,700 (Current and important Resistance)
R2 – 47,000 (Strongest Resistance)
R3 – 47,200
How to Trade in Bank Nifty Today
As the Index is Weak we are looking for Short Trades hence, we will only initiate the trade if the market falls below the 46,500 level.
Here is the Trade Setup in Bank Nifty Today,
If the Market opens flat then we can wait for Bank Nifty to fall below the 46,500 level and then initiate the short trade till the 46,300 and 46,200 levels.
if the Market opens Gap Down then we can go short till the support level of 46,200 as we may see corrections in some of the Banking stocks.
But if the Market Opens Gap Up then we can wait for the market to test the resistance level of 46,700 and then initiate the short trade if falls from there, until it reaches the 46,500 level.
We are Expecting Bank Nifty to Fall further hence we will not go long in Bank Nifty Today, in any case, the Index reverse and any Bull run will be seen on Dalal Street we will wait and see the Market, and try to learn the Pattern.
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 🙂
