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Bank Nifty Today Prediction for Monday – March 4th, 2024.
Bank Nifty is looking Bullish and ready to Break the resistance level of 47,500 today, but it may consolidate at this level as FIIs and DIIs have net sold shares on March 2nd.
Bank Nifty is Running at its full speed after strong GDP growth in Q3, led by index heavyweights including ICICI, SBI, and HDFC Bank. Looking for Today, Bank Nifty is looking Bullish and will break the resistance level of 47,500.
Anyway, read the full article to know more.
Bank Nifty Prediction Today
Currently Bank Nifty is Trading at 47,297.50, and the immediate support for Bank Nifty is at 47,200, which means Bank Nifty is looking for an up move today, as the trend is Bullish after the strong GDP growth in Q3.
So for Today, Bank Nifty may open a little Gap Up or Flat above 47,350 then it will suddenly test the resistance zone of 47,500, and if it can sustain above 47,500 then we can see Bank Nifty reach 48,000 today, as the market is Bullish and Bank Nifty has formed a Bullish Marubozu Candle on 1st of march, as Market sentiments have changed after strong Q3 GDP growth.
Look Bank Nifty may consolidate around 47,500, as FIIs are not so confident as FIIs net sold shares worth Rs. 81.87 crores, and also DIIs have net sold shares 44,72 crores on March 2, 2024 (money control).
Bank Nifty Support and Resistance for Today
Looking ahead in the image we can see that Bank Nifty is consolidating around 47,500, after a strong bull run on March 1st, 2024.
So if it falls today then it can take support on 47,200 as we didn’t see any major fall today as the market is Bullish after Q3 GDP growth, followed by 47,000 and 46,800. And on the upper side, there is immediate resistance for Bank Nifty at the 47,350 level which is the previous high, but may not work properly, and the current strong resistance is at the 47,500 level followed by 47,800 and 48,000.
Here is the OI data of Bank Nifty
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Bank Nifty Support
S1 – 47,200 (immediate Support)
S2 – 47,000 (Strongest support)
S3 – 46,800
Bank Nifty Resistance
R1 – 47,350 (immediate Resistance)
R2 – 47,500
R3 – 47,800
How to Trade in Bank Nifty Today
For Trading in Bank Nifty today we will try to go long instead of short trades as the market is Bullish and just at its resistance level of 47,500.
So here is the trade setup for Today in Bank Nifty,
If the Market opens Flat or a little Gap up then we can wait for it to cross 47,500 and sustain above it then we can go long till the next resistance levels.
If it opens above 47,500 then also we can wait for it to fall and retest the 47,500 level and again start moving up making any Pattern like Bullish Engulfing, or Marubozu then we can go long till the next resistance level.
And, if it opens the gap down then we can also look for long trades instead of short, after it tests the support level of 47,200.
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 🙂
