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 7th March 2024
Banking Stocks are gaining momentum but still something missing as the index heavyweights are facing resistance from the upper levels. So we are expecting a range bound market for today.
Bank Nifty Outlook
Index opens almost -130 points lower on the Expiry day, but gains momentum as a rally was seen in the private sector banks, taking Bank Nifty above the 48,000 mark, where the Index heavyweight HDFC ended flat after a failed attempt to break its nearest major resistance of 1450 but other private sector banks done a great job including ICICI Bank, Kotak Mahindra Bank, Axis Bank, and others, while PSU Banks underperformed.
Anyway, as we predicted yesterday, Bank Nifty takes support at 47,500 as it opens lower compared to the previous trading session, making an intraday low of 47,442.25 and then moves further to the 48,000 level making an intraday high of 48,161.25
Also Read: Nifty Prediction for 7th March, 2024
Bank Nifty Prediction Today
Bank Nifty is Bullish as it gains +384.40 points or 0.81% on Wednesday as we saw a rally in Private Sector Banks, taking Bank Nifty above the resistance level of 48,000, but because of expiry, we saw some selling in the last trading session and also the Index Heavyweights including HDFC and ICICI Bank slips after the early gains taking Bank Nifty below 48,000.
So for today, we think Bank Nifty is to open a little gap down taking support at 47,800 and 47,500 levels, as the PCR is falling but the price is increasing on the previous trading session, indicating the market is weakening, but for a short time as the Banking Stocks are still undervalued.
Bank Nifty Support and Resistance for Today
Bank Nifty is Trading at its resistance level of 48,000 as it tried to cross this resistance in the previous trading session, but it failed and closed below 48,000.
So 48,000 is still an important resistance for Bank Nifty, followed by 48,200, and 48,500 levels, and on the lower side, Bank Nifty has immediate support at 47,700 and 47,500 levels.
Must Read: 7 Best Indicators for Options Trading
Bank Nifty Support
S1 – 47,800 (immediate Support, may not work properly)
S2 – 47,700
S3 – 47,500 (Strongest Support)
Bank Nifty Resistance
R1 – 48,000 (Current and important Resistance)
R2 – 48,200
R3 – 48,500
How to Trade in Bank Nifty Today
We are ex[pecting Bank Nifty to trade between a range for today or a bit lower, taking support at 47,800 and 47,500 hence we can fo long at the support level and short at the resistance levels.
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 🙂
