BankNifty Prediction for Tomorrow – BankNifty technical analysis and levels for next day are updated everyday after the market closes. You can utilise the levels for learning and backtesting purposes. These levels are based on support & resistance can be used to exit & take an entry. Major support & resistance levels are reversal levels where the market may turnaround, hence can be used for entry & exit for paper trading as well.
Summary
Thursday being weekly expiry for BankNifty Options. BankNifty today opened 100 points down and faced high resistance above previous day close. Index remain volatile in morning session and premiums decayed till noon firmly. In Afternoon banknifty cleared the trend and started moving down. Day high for thursday remained at 40773 which was made in first 5 min candle of the day and day low was seen at 40312 which came near day end but it managed to closed at 40389 levels. For coming days we expect banknifty to trade in range of 40200-40800 only.
If we see Volatility Index, VIX remained almost flat 13.00 to 12.97 down 0.23% on Thursday. As per VIX, we expect a flat Opening on Friday. We are neutral on bank nifty until it gives strong closing above 41,000 and see following important levels for Friday Mar, 3, 2023.
Yesterday Levels Result
As expected in our yesterday commentary, BankNifty opened slight negative by 100 points and Our yesterday levels worked perfectly. Today market was volatile ahead of expiry and could not continue the bullish behaviour shown yesterday. BankNifty could not sustain above previous closing levels and cleared bearish view in the afternoon session and depicted no pullback during the day. Today after giving Opening candle day high of 40773, it did not look back till and our two targets Support -1 @ 40524 and Support- 2 @40385 were hit and profits were booked. Afterwards, it corrected a bit to make day low of 40312 at day end and managed to closed 308 points down at 40389. If You see today’s charts, you will find that our levels behaved as actual support and resistance and once they broker, next levels were achieved.
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| Particulars | BankNifty Levels |
|---|---|
|
Resistance - R3 |
40791 |
|
Resistance - R2 |
40642 |
|
Resistance - R1 |
40534 |
Previous Close |
40389 |
|
Support - S1 |
40237 |
|
Support - S2 |
40077 |
|
Support - S3 |
39906 |
FAQs on BankNIfty Prediction for tomorrow
Most people use various methods to determine support and resistance levels utilising theoretical formulae Which may not work all the time. But here on Brokerji.com we provide practical prediction levels by checking the charts and zones which work perfectly.
BankNifty trade levels are mainly for banking index (NIFTY BANK) which comprises of top 12 banks listed on exchange. These levels can be utilised as an information before entering into trade. Mostly If one level is broken, probability of achieving the next level increases. As an Example If previous close is broken on downside, expect banknifty to reach our Support -S1 gradually and so on.
One can apply 5 min candlesticks chart for better understanding of these levels. If you are looking to identify trades, always wait for 5-min candle to close above/below decisive levels before entering any trade.
