BankNifty Prediction for Tomorrow, Thursday, Mar 2, 2023

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

BankNifty after breaking the loosing trend previously gave a relief signal, today opened gap up that too above previous day high. So remained bullish for the whole day, but sustained below 40700 levels which worked as a perfect resistance for banknifty index. Today, It managed to close at 40698 up 429 points. As discussed 40,000 will work as a psychological support in current scenario for the banking index. Opening up almost 200 points , Today market was directional with cautious bullishness. Today after giving day low of 40360 and moving upside day high of 40724 in the last hour and  manage to give adjusted close 429 points above previous close at 40698 giving a sigh of relief among investors.

If we see Volatility Index, VIX has moved lower from 14.02 to 13.00 down 7% on Wednesday. As per VIX, we expect a flat Opening on Thursday. We are slighly bullish on bank nifty until it gives strong closing above 41,000 and see following important levels for weekly and monthly expiry on Thursday Mar, 2, 2023.

Yesterday Levels Result

As expected in our yesterday commentary, BankNifty opened positive and Our yesterday levels worked perfectly. Today market gave clear indication of bullishness in the morning session itself and depicted no pullback during the day. Today after giving Opening candle day low of 40360 did not look back till 11:35 AM where it made high of 40687 and our two targets R1 and R2 were hit and profits were booked. Afterwards, it corrected a bit to reach support zone at 40514 near our 1st resistance levels. It then moved higher again to reach day high levels of 40724. and managed to closed 429 points up at 40698. 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.