BankNifty Prediction for Tomorrow, Tuesday, Feb 28,2023

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

BankNifty broke the loosing streak  today, it was closing making new bottoms everyday. Today, It managed to close at 40307 up 397 points. after crossing 40000 levels, it will work as a support for the bank index. Opening 100 points down, Today market was extremely volatile in the morning session and depicted no clear signal of direction. Today after giving Open day low of 39750.  It did not look back and created day high of 40370 and  manage to give adjusted close at 40307 giving a sigh of relief among investors.Today BankNifty Closed up 397 points.

If we see Volatility Index, VIX has moved lower from 14.19 to 13.88 lowering 2.18% on Monday. As per VIX, we expect a flat to positive Opening on Tuesday. We are slighly bullish on bank nifty until it gives strong closing above 40,500 and see following important levels for weekly and monthly expiry on Tueday Feb, 28, 2023.

Yesterday Levels Result

Our yesterday levels worked perfectly. BankNifty Opened with gap down of 100 points below previous close and quickly reached our next support levels of 39786, creating day low of 39750 in the morning session by 09:20 AM, where profits were booked. After this it reversed the direction and started moving upwards and crossed the previous closing levels at 09:25 AM, then it shoot up to reach our first resistance level of 40046 and 40130 easily, where again profits were booked. It then sustained above these levels in afternoon session when it reached our third resistance levels of 40325 where profits were easily booked. 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.