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Bank Nifty Prediction Today for 13th March 2024.

Bank Nifty is trading at its support level of 47,200, but the index is looking weak as we saw heavy selling pressure in the Banking stocks yesterday.

By:-Raaz Aryan
Mar 12, 2024 | 11:01 PM

Updated: Mar 12, 2024 @ 23:03 PM

Nifty Bank is looking Bearish as it was unable to stay above the resistance level of 47,500 in the previous trading session and fell immediately making an intraday low of 46,884, indicating that the market is weakening. So we are expecting the Bank Nifty to fall a little bit to 47,000 today as today is the weekly expiry day of Bank Nifty.

Bank Nifty Prediction Today

Bank Nifty is looking Weak, as it faces resistance from the higher levels, and also yesterday, it tried to break the resistance but sellers are strong and they immediately started to sell Banking stocks taking Bank Nifty below the 47,000 level, but the immediate support of 47,200 saves it and helps it to stay above it for the day.

So for today, we think Bank Nifty will open flat as today is the expiry day, and also the global markets are strong including Asian markets. But it may fall further to 47,000 if it breaks the support level of 47,200 as sellers are slowly dominating the market.

But, if Bank Nifty manages to stay above 47,200 or if it’s frequently testing the immediate resistance levels then it may go up to 47,500 and then 47,800 levels, as today is the expiry day, and there may be enough volatility in the market today.

Bank Nifty Support and Resistance for Today

Bank Nfity is Currently trading at its support level of 47,200, after touching the 48,000 level in the previous sessions, hence we can identify that there is a huge resistance at the upper levels, where 47,500 is the current and important resistance for Bank Nifty followed by 47,800, and 48,000 levels.

And if we look at the lower side, it is taking support at 47,200 which is its current and important resistance followed by 47,000 and 46,700 levels.

Here is the OI data of Bank Nifty for Today,

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Bank Nifty Support

S1 – 47,500 (immediate Support, may not work properly)

S2 – 47,800

S3 – 48,000 (Strongest Support)

Bank Nifty Resistance

R1 – 47,200 (Current and important Resistance)

R2 – 47,000

R3 – 46,700

How to Trade in Bank Nifty Today

Bank Nifty is training at its support level of 47,200 and it frequently tests this level indicating that it may break it and fall further, as sellers might go weak, but today is the weekly expiry day, so we need to be cautious.

So in Bank Nifty, we need to look for short trades as the market is weak, hence you can go short if it breaks below the 47,200 level, but if it manages to sustain above 47,200 then you can leave the trade for today, and look for the market to give any bearish signal so you can enter the market for short trades.

Note:- This is not any buy/sell recommendation.

Happy Trading 🙂

Raaz Aryan

Raaz is a pro-investor, amateur trader, and avid learner with over 4 years of stock market experience in equity and derivatives segments. Currently, I am Pursuing a chartered accountant (CA) and am currently at the CA Intermediate Level. I have also cleared "NISM Series VIII Equity Derivatives" exam.