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
Previously Banknifty was trading in the 41300-41800 zone and as it broke that range on downside it quickly breached 41000 levels. Now as per expectations, BankNifty has now created a lower range of 40500-41000. Opened flat, Today market was bearish from morning and giving a day low of 40508 and day high made of 40942 and managed to close at 40,673 levels which is just 27 points down as per previous close.
If we see Volatility Index, VIX has moved higher from 13.38 to 14.01 rising 4.67% on Tuesday. As per VIX, we expect a slight gap Down Opening on Wednesday. We are slightly bearish on bank nifty and see following important levels for Wednesday Feb, 22, 2023.
Yesterday Levels Result
Our yesterday levels worked perfectly. BankNifty Opened but could not sustain above previous closing level reversing from 40700 and reached our 1st support levels creating low of 40508 in the morning session within 30 minutes, where profits were booked. After this BankNifty rebounded and then crossed previous closing levels of 40700 with volume and then reached our 1st resistance level of 40905, where again profits were booked. It then fell down from 1st resistance level and created a new support zone of 40600 which couldn’t be broken for whole day and finally bank nifty closed at 40673 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.
| Particulars | BankNifty Levels |
|---|---|
|
Resistance - R3 |
41054 |
|
Resistance - R2 |
40912 |
|
Resistance - R1 |
40786 |
Previous Close |
40,673 |
|
Support - S1 |
40595 |
|
Support - S2 |
40500 |
|
Support - S3 |
40276 |
