Bank Nifty Prediction Today 1st March 2024. Range Bound Market.

As we predicted yesterday, Bank Nifty remains almost sideways on Thursday but closes on a positive note, indicating that the index is getting stronger, and can touch 46,500 today.

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.

Bank Nifty Outlook

Bank Nifty opened -81.7 points lower (as we predicted yesterday) on Thursday, and remained sideways for the whole day, as yesterday was the weekly and Monthly Expiry of the Index, and closed the day with +157 points higher indicating that the market is getting stronger.

All the Stocks in Bank Nifty ended in Green on expiry day except HDFC Bank, AU Small Finance Bank, and Bandhan Bank which dropped a little (on an average of -0.5%).

Either way, the Index is able to break the resistance zone of 46,000 after making an intraday low of 45,661.75 and managed to close the day at 46,120.90, after making an Intraday high of 46,329.65.

Related: Nifty Prediction Today 1st March 2024.

Bank Nifty Prediction Today

Looking at the Technical Chart of Bank Nifty, we can see that Bank Nifty is currently over its support level and trading at a supportive trendline, indicating further upside to the 46,500 level.

So for Today, we think Bank Nifty may remain sideways or trade between a range of 46,000 – 46,500, as we have observed that most of the time the market trades sideways or gives a small movement after Expiry Day.

But we think Bank Nifty to open a little Gap up and consolidate for the rest of the day.

Bank Nifty Support and Resistance for Today

As you can see in the image above the Bank Nifty is currently at 46,120, after getting rejected from the upper resistance level of 46,350 on Thursday but on the lower side it gets support from the 45,650 level and somehow managed to close above the resistance zone of 46,000.

Hence, on the Lower side, Bank Nifty can get support from the 46,000 level, followed by the 45,800, 45,650, and 45,500 levels, and on the Upper side Bank Nifty may face resistance from the 46,275 level followed by 46,500 and 46,750 levels.

Here is the OI data of Bank Nifty,

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How to Trade in Bank Nifty Today

Bank Nifty may remain sideways today as the day after expiry is slightly slow, hence we think Bank Nifty to trade between a range on Friday (46,000 – 46,500), so we may look for selling instead of Buying.

So, For Today’s Bank Nifty Trading, We follow these rules.

If Bank Nifty opens falt we can wait for Bank Nifty to test the support zone of 46,000 and then go long till 46,350 and then 46,500 but the movement to these levels may be slow, hence option buying is not a good idea so we can sell Put, but with a Stoploss at 45,950.

If Bank Nifty opens Gap Up then we can wait for it to test the support level of 46,00 and then go long and if it suddenly moves to the upper level then we can wait for it to get rejection from 46,500 and then we can sort till 46,000.

Last, If it opens Gap Down then we also look for long Trades as RSI is suggesting a Bullish momentum.

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 🙂