BankNifty Prediction for Tomorrow, Wednesday, Mar 1, 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

Today being weekly expiry for FinNifty, Banks also roamed as per FInNifty Closing which closed at 17989. BankNifty after breaking the loosing streak yesterday, today being rangebound. Today, It managed to close at 40269 down just 38 points. As discussed 40,000 will work as a psychological support in current scenario for the banking index. Opening almost, Today market was extremely volatile in the morning session and depicted no clear signal of direction. Today after giving Open day high of 40385 and moving in a tight range created day low of  of 40075 and  manage to give adjusted close 38 points down at 40269 giving a sigh of relief among investors.

If we see Volatility Index, VIX has moved bit higher from 13.88 to 14.02 rising 1.01% on Tuesday. 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

As expected in our yesterday commentary, BankNifty opened flat to positive and Our yesterday levels worked perfectly. Today market was extremely volatile in the morning session and depicted no clear signal of direction. Today after giving Open day high of 40385 did not move much till 2PM. At 2PM, It broker and reached our 1st support levels of 40144 where profits were booked. After touching the day low that it traced back and  managed to closed just 38 points down. 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.