BankNifty Prediction for Tomorrow, Monday, Feb 27,2023

BankNifty Prediction for Tomorrow – BankNifty technical analysis and levels for next day are updated everyday after the market closes. You can use 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

Equity Markets continued bloodbath guided by global cues these days. BankNifty after breaking 40000 levels is facing resistance. As per expectations, bearish moves are creating panic selling among investors as fear emotions are peaking on Russia Ukraine Tension. Amid Tensions, President Vladimir Putin has suspended Russia’s participation in the last remaining major nuclear-arms-control treaty with USA. Opened GapUp,  Today market was extremely bearish from morning and gave no sign of relief to bulls. Today after giving Open day high of 40347,  It did not look back and created day low of 39823 and could not manage to close above 40000 levels but closed at 39909 forming psychological fear among market participants.Today BankNifty Closed down 92 points.

If we see Volatility Index, VIX has moved lower from 15.02 to 14.19 rising a whopping 5.9% on Friday. As per VIX, we expect a flat to negative Opening on Monday. We are still bearish on bank nifty until it gives strong closing above 40,000 and see following important levels for weekly and monthly expiry on Monday Feb, 27, 2023.

Yesterday Levels Result

Our yesterday levels worked perfectly. BankNifty Opened with gap up of 185 points above previous close and quickly reached our next resistance levels of 40347 in the morning session by 09:25 AM, where profits were booked. After this BankNifty did not show any sign of upside move and felt continuously breaching 40000 levels and making low of 39823 and finally bank nifty closed at 39909 only. 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.