BankNifty Prediction for Tomorrow, Wednesday, Mar 8, 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

Friday saw huge buyer interest as FIIs news of investing in Adani Group created positive sentiments among investors. FIIs bought  246 Cr more today with continuous buying. BankNifty today opened with gapUp of 283 points and did not look back till 10:45 AM when it made high 41256 up 866 points in morning session only. Index remain fully bullish in morning session, SBI, Bank of Baroda & PNB climbed more than 5%, HDFC twins upto 2% and ICICI Bank up 2%, letting banknifty break all the resistance levels. In Afternoon banknifty became volatile ahead of profit booking. Day high for friday was made in afternoon session at 41389 exactly 1000 points above previous close and day low was seen at 40605 which came in 1st candle of the day but Nifty Bank managed to closed at 41251 levels up 861 points(2.13%). We expect more buying to continue in next week also, global markets are also seeing recovery ahead of key events this week.

If we see Volatility Index, VIX remained almost flat 12.97 to 12.18 down 6.09% on Friday. As per VIX, we expect a flat to positive Opening on Friday. We are slightly bullish on bank nifty til it stays above 41,000 and see following important levels for Monday Mar, 6, 2023.

Yesterday Levels Result

As expected in our yesterday commentary, BankNifty opened slight negative by 100 points and Our yesterday levels worked perfectly. Today market was fully directional as the adani group stocks see FIIs/FPIs investment in these tough times. BankNifty after opening gapup of almost 300 points didn’t look back before it went 41250 up 850 points. All our resistance were reached easily and index moved beyond as well.  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.

Dear readers, Now Trade Only at  Rs.7 per Order in BankNifty Options in ICICIdirect. Open Fresh demat and trading Account online by clicking mentioned link- https://bit.ly/Open-ICICI-Account