Yesterday all the major indices traded sideways mostly sloping downward, but still able to end the day in green, and so with Bank Nifty where the index ended in green for the third consecutive session after we saw a strong bounce back.

Looking at the stocks, there were not any major changes in any of the stocks or you can say no one has crossed the 1% mark on Tuesday on either the Green or Red side, except Bandhan Bank which rose 1.13% and had negligible impact on the overall index.

Looking ahead to today, we are expecting a bullish start and Nifty Bank may open above the 48,000 mark, but the best thing to watch is that if it survives above this level or not.

Bank Nifty Prediction Today

Nifty Bank is facing resistance from the 48,000 mark, but no doubt that it will jump above it, as we have seen strong selling in the first hour taking Nifty Bank below the 48,000 level after opening around the 48,300 level, but it managed to sustain around the resistance zone indicating a strong market.

Also, the India Vix dropped 20% on Tuesday around 10% which is a good sign but – the sudden fall may be cautious as traders are looking for profit booking after the Bounceback and therefore we may see a correction in the market in the near term.

So, for today, I think Bank Nifty may remain sideways because the expiry is just away a day and traders are looking for profit booking, but if Nifty Bank anyhow falls below the 47,800 level then we must be ready for further correction to the 47,500 level.

On the other side, Global Market and Gift Nifty indicate a bullish start for the day, so there may be a case if Nifty bank will survive above the 48,100 then we can see further upside to 48,200 and then 48,500 levels.

Bank Nifty Support and Resistance for Today

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

Bank Nifty is facing resistance from the 48,000 level so we can say that it may act as a resistance but this is not the case because Gift Nifty indicates a bullish start for the Indian market, so we have the first resistance at the 48,100 level followed by 48,300 and 48,500 levels.

On the lower side, Nifty Bank has immediate support at 47,800 level followed by 47,700 and 47,500 levels.

Here is the OI data and PCR of the Bank Nifty for today,

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We are waiting for the market to open, till then follow us on telegram for live trading hints.

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