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Bank Nifty Prediction Today – 9th April 2024
Nifty Bank made a new all-time high on monday after 3.5 months. But Index doesn't seems strong as RSI is falling.
Bank Nifty made a new all-time high on Monday of 48,716 but it wasn’t able to keep the momentum to reach the epic 49,000 level as we saw some short buildup in Banking Stocks.
Also, some of the banks including PSU Banks falls by a huge percentage on Monday like PNB which falls more than 2.5%, and Bankdhan Bank which falls more than 6% on Monday.
Related: Nifty Prediction for Tomorrow – Tuesday, 9th April 2024
Bank Nifty Prediction Today
Bank Nifty traded almost sideways after making a new all-time high of 48,716 on Monday compared to Nifty which gained more than 0.70% on Monday. Anyway, Bank Nifty already gained a lot as it breaks the resistance level of 48,000 in the previous trading session.
So for today, we expect Bank Nifty to fall or trade flat as in the previous trading session, because it is trading near its support level of 48,500 – but if it breaks this level or opens gap down below 48,500 then it may fall to 48,000 as RSI is weakening and also sellers started dominating the Index.
But you need to be careful as – currently Bank Nifty is in Uptrend and some fall on Tuesday may be for making higher lows so you need to confirm before going for any trade, and you can predict this by seeing the RSI on different time frames.
Bank Nifty Support and Resistance for Today
Green Lines are the Support Levels, and Red Lines are the Resistance Levels
Bank Nifty faced rejection from the 48,700 level on Monday taking it down near the support level of 48,500 – hence the nearest support level for Bank Nifty is at 48,500 followed by 48,250 and 48,000 levels.
And on the upper side, Bank Nifty may have resistance at 48,700 followed by 48, 900, and 49,000
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 – 48,500 (immediate & important support)
S2 – 48,200
S3 – 48,000 (Strongest Support)
Bank Nifty Resistance
R1 – 48,700 (Current and important Resistance)
R2 – 48,900
R3 – 49,000
How to Trade in Bank Nifty Today
Bank Nifty is currently in Uptrend, but it is facing resistance from its all-time high level, and RSI also indicates that Bank Nifty is weakening.
So for Trade Setup in Bank Nifty, we are going to follow some rules.
If Bank Nifty shows an early buying and breaks the all-time high level and settles over it, then you can go for long trades till the next resistance level.
But if it is testing the support level frequently then wait for it to break and then you can go for short trades, keeping an eye on the RSI – as it tells you when the market is Oversold and When the market is Overbought.
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 🙂
