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, 4th April 2024
Bank Nifty is facing resistance from the 47,700 level from the last three trading sessions, so we careful and take a look at the candles if it breaks this level of fall from here.
All the major Indian Indices opened lower on Wednesday but managed to turn green in the early trading session after we saw buying in Index Heavyweights including HDFC, SBI, AXIS, and other PSU Banks especially PNB which is up by more than 6% on Wednesday.
But because of the weekly expiry, Bank Nifty is not rallying as it trading around its support and resistance levels.
Related: Nifty Prediction for 4th April 2024.
Bank Nifty Prediction Today
Nifty Bank opened lower on Wednesday taking support around the 47,300 level but after a long hustle, it managed to take over the 47,500 level as we saw a rally in HDFC Bank and Other PSU Banks.
So for Today, we expect Bank Nifty to Open flat or with a little loss – as the market is already at its resistance level, but we need to look for the resistance level of 47,700, as it is the current strongest resistance for Bank Nifty.
And, if Bank Nifty is able to break the resistance level of 47,700 today then we may see a rally toward 48,000 otherwise as of the current market mood, we think Bank Nifty to trade sideways ahead of RBI’s Monetary Policy between a range of 47,400 and 47,700.
But today is also the weekly expiry of the Nifty 50 so traders need to be careful, as we may witness some volatility in the market, so look for support levels if you are a day trader.
Bank Nifty Support and Resistance for Today
Green Lines are the Support Levels, and Red Lines are the Resistance Levels
Currently Bank Nifty is Trading at 47,624, and the nearest support for Bank Nifty is at 47,500 as it also took support from this level in the previous trading session, followed by 47,300, and 47,200 levels.
And on the Upper side, Bank Nifty is facing resistance from the 47,700 level followed by 47,800 and 48,000 levels.
Here is the OI data and PCR of the Bank Nifty for today,
Note:- This Data is Provided via Sensibull and has many 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 – 47,500 (immediate Support)
S2 – 47,300
S3 – 47,200
Bank Nifty Resistance
R1 – 47,700 (Current and important Resistance)
R2 – 47,800
R3 – 48,000
How to Trade in Bank Nifty Today
We have no clear-cut Idea about today’s trade in Bank Nifty so, we advised traders to stay out of the market or look for Nifty as today is the weekly expiry of Nifty.
Or, you can look for the resistance level of 47,700 to break in Bank Nifty, as the Market may march toward 48,000 after the resistance break, but any breaches in the support level can lead Bank Nifty to 47,400 or 47,300 levels, as this is the range in which Index is currently trading this week.
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 🙂
