BankNifty Prediction for Tomorrow, Thursday, Feb 23,2023

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

Broader Equity Markets are facing bloodbath guided by global cues these days. BankNifty after breaking 41000 levels has smashed the 40000 psychological support with good momentum. 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 Gap down as told in previous post, Today market was extremely bearish from morning and gave no sign of relief to bulls. Today after giving Open day high of 40518,  It did not look back and created day of 39899 and could not manage to close above 40000 levels but closed at 39995 forming psychological fear among market participants.Today BankNifty Closed down 677 points.

If we see Volatility Index, VIX has moved higher from 14.01 to 15.59 rising a whopping 11.28% on Wednesday. As per VIX, we expect a gap Down Opening on Wednesday. The global markets are closely observing the minutes of the US Federal Reserve meeting to gather any indications about the possibility of the implementation of more stringent monetary policies. The uncertainty surrounding the Fed’s upcoming decisions on rate hikes seems to be affecting market sentiment, as investors try to make sense of the recent high inflation figures. We are slightly bearish on bank nifty and see following important levels for weekly and monthly expiry on Thursday Feb, 23, 2023.

Yesterday Levels Result

Our yesterday levels worked perfectly. BankNifty Opened Gapping down 200 points below our 1st support level of 40500 and quickly reached our next support levels of 40276 in the morning session by 10:30 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 39899 and finally bank nifty closed at 39995 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.