Bank Nifty Prediction today 5th April 2024. RBI Policy in Focus

Bank Nifty is showing a Positive trend as it opened almost a 1% gap up on Thursday led by the Index Heavyweight – HDFC Bank, as it rallied more than 3% yesterday, trading above the resistance level of 1500 throughout the day.

But except for HDFC, and Kotak Mahindra Bank all other major banks are trading in red, which is a warning sign, that the market may be vulnerable for retail traders on Friday, as we also have the RBI Monetary Policy coming out, hence there may be high volatility in the banking stock on 5th of April.

Anyway, traders should be cautious when trading options, as the Bank Nifty will be closely watched. Looking at the Bank Nifty’s daily chart, a Hanging Man pattern can be seen near the 48,000 resistance level, indicating a bearish reversal. If there’s a market fall, the support levels of 47,800 and 47,500 could provide some stability for the Nifty Bank.

So for today, we think that the market may fall but I am also not sure for today, as the major move will be decided by the RBI Policy, but you can look for short trades, keeping 47,800 – 47,700 – 47,500 as the support levels.

Bank Nifty Support and Resistance for Today

Green Lines are the Support Levels, and Red Lines are the Resistance Levels

Nifty Bank closed above the 48,000 level on Thursday forming a hanging man pattern on the daily time frame, indicating a bearish reversal, but if we look at OI then the 48,000 level is crucial for today, acting as a pivot point for Bank Nifty.

So the nearest support level for Bank Nifty is at 47,800 followed by 47,700 and 47,500 levels, and on the upper side, Bank Nifty has resistance at the 48,200 level followed by 48,400 and 48,500 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.

For Bank Nifty – we are expecting a fall as the index formed a hanging man pattern taking support at 47,800 or 47,500 levels, and the repo rate is also the key factor that will decide further move in the market, till then we advise you to hedge your positions.

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.