Bank Nifty Analysis – 01Mar2024

Bank Nifty had a big green day today after several days of weakness with falling momentum. Bank Nifty closed today 47,287 with +1166 points gain. That’s a big green day, and the last time we saw such a big green day was on 4th Dec 2023. So today’s big green day is coming after nearly 3 months. As per our study, such big green days come once per quarter, so its in line with historical data of Bank Nifty.

Current upside target is 48,200
Traders can stay long above 46,000.
In the Bank Nifty hourly chart, the momentum (CCI indicator) is coming down, so some consolidation or testing of 47,000 level can happen in the next 1-2 days.

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