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Bank Nifty Prediction Tomorrow – 8th April 2024
Bank Nifty is currently trading around its all-time high showing strength in the market, but it may test the 48,000 level to continue the uptrend.
Nifty Bank opened on a positive note on Friday ahead of the RBI monetary policy and continued to move upward throughout the day as RBI decided to leave the repo rate unchanged at 6.50%, giving the closing near its all-time high at 48,493.05.
Looking at the Banking stocks – then almost all the major stocks performed well as the index is led by HDFC and Kotak Bank which are up by 1.44% and 2.06% respectively.
Related: Nifty Prediction for Monday – 8th April 2024
Bank Nifty Prediction Today
Bank Nifty is strong compared to Nifty as it crosses the 48,000 level with a healthy Green Candle indicating further bullish momentum, but it may test the 48,000 level to confirm the uptrend.
So for today, we think the Market may open flat or a little bit gap-down as the Nifty is turning weak so Bank Nifty may also see some correction till the 48,000 level to confirm the next Bull move to the 49,000 level. Also, the RSI is in the overbought zone if we look at the hourly chart indicating a correction but a small one.
Anyway, if the Market falls then it can take support at the 48,000 level and then go upward as 48,000 is an important support level for Bank Nifty. Still, if it continues to move upward in Monday’s Trading session, it can test the new high of 49,000 level almost 3 months after making the new all-time high of 48,636.45
So, traders need to be cautious as Nifty Bank is trading near its all-time high, and as it fails to hold above the psychological level of 48,500 in the previous trading session.
Bank Nifty Support and Resistance for Today
Green Lines are the Support Levels, and Red Lines are the Resistance Levels
Bank Nifty is currently trading at 48,493, just below the resistance level of 48,500 – hence 48,500 may act as an immediate resistance for Bank Nifty followed by 48,800 and 49,000 levels.
And on the lower side, Bank Nifty has the nearest support at 48,200 followed by 48,000 and 47,600 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.
Bank Nifty Support
S1 – 48,200 (immediate Support)
S2 – 48,000 (Strongest Support)
S3 – 47,600
Bank Nifty Resistance
R1 – 48,500 (Current and important Resistance)
R2 – 48,800
R3 – 48,900
How to Trade in Bank Nifty Today
Trade Setups are not relevant for today but if I tell you my opinion then the market may test the support zone of 48,000 once for various reasons, first, the RSI is in an Oversold Zone indicating some correction, and Second, the Index failed to hold above the 48,500 level on Friday.
So, if you want to trade then look for short trades till the support level of 48,000 but if the market starts to move upward and crosses its all-time high then leave the trade for today.
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 🙂
