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Bank Nifty Prediction Today 29th Feb 2024. Stay away from Market
Bank Nifty closes in Red yesterday below 46,000 indicating further downside to 45,500 level, but as today is the expiry, so index may consolidate today.
Bank Nifty dragged 624.90 or -1.34% lower on Tuesday as we predicted yesterday, as we saw heavy selling in all the banking stocks in Bank Nifty, resulting in Bank Nifty closing below its support level of 46,000. Looking ahead for today we don’t think that Bank Nifty fall anymore.
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 closed in Red Yesterday (-1.34%) breaking the support zone of 46,500 and 46,000 and closing at 45963.15. The index opened yesterday on a positive note and tried to make a breakthrough to the upper levels but failed after making an intraday high of 46754.55, and started falling in the early trading session after heavy selling seen in Stocks dragging Bank Nifty below 46,000.
Looking at the Nifty Bank Stocks none of them closed in Green yesterday, on top of that stocks fell drastically except ICICI Bank, HDFC Bank, and Axis Bank which somehow managed to close under -1% loss.
Related: Nifty Prediction Today 29th Feb 2024
Bank Nifty Prediction Today
Looking at the Bank Nifty Chart, you can see that a Double bottom pattern has formed, and as we predicted yesterday, Bank Nifty Falls further to 46,000, indicating a weak market, ahead of US inflation data.
But for Today, we are not looking for any further downside in Bank Nifty like this anymore, but it may test the 45,500 level if US Inflation data comes higher than expected, but either way for today Bank Nifty might remain Sideways or a bit lower from the current level, as Today is Weekly and Monthly Expiry.
Bank Nifty Support and Resistance for Today
In Yesterday’s trading session, Banknifty Dragged almost -625 points or -1.34% giving a closing below the 46,000 level, which is a major support for Bank Nifty, but now it has become an immediate resistance as Call OI has captured the spot.
So for Bank nIfty to take rest we need to look to the lower levels, which first include 45,800 followed by 45,500 and 45,200 levels.
On the Upper side, 46,000 is acting as the current and immediate resistance for Bank Nifty, followed by 46,200 and 46,500 levels.
Here is the OI data for Bank Nifty,
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Bank Nifty Support
S1 – 45,800 (immediate Support)
S2 – 45,500
S3 – 45,200 (Major Support)
S4 – 45,000 (Strongest Support)
Bank Nifty Resistance
R1 – 46,000 (Current and immediate Resistance)
R2 – 46,200
R3 – 46,500
How to Trade in Bank Nifty Today
Looking ahead for Trading in Bank Nifty Today, we suggest leaving the Trade in Bank Nifty for now, as the market is not stable, and today is the Weekly and Monthly Expiry for both Index and Stocks, hence we might experience some volatility.
Anyway, Here is the Trade Setup for Bank Nifty Today,
If Bank Nifty opens Gap Down then you can wait for it to go up and retest the 46,000 level and when it falls from 46,500 you can go short till 45,800 and 45,500.
If it opens flat you can again look for short trades as the market is weak if the Market behaves as we mentioned in the upper line.
If it opens Gap Up then you can leave the trade for today as Bank Nifty may consolidate and start moving in a range.
Note: Today’s Trade Setup will be updated once again after the Market Opens, as the Market is Volatile and Today is the Expiry.
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 🙂
