Tag Archives: Bank Nifty Support Levels

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.

Bank Nifty Futures Analysis– 28Apr2021

Please see this trend line analysis on Bank Nifty lifetime chart. This is a log chart, which captures the life chart very well. In technical terms, it can be considered a “wedge breakdown” that happened in Feb 2020, which is always going to be a fast and powerful correction. In this case, Bank Nifty futures lost 50% of their value in 6 weeks.

Going ahead, as the chart suggests, Bank Nifty futures will face strong resistance on their next upmove above 37K. In fact, there is a zone of resistance between 37-40K. And above 40K, Bank Nifty futures will race towards 50K. The most importance question is this: can we consider the current correction to be over, and 16K as the base that won’t get broken? Looks like yes, that’s the case. However, we may see correction till 28K even as part of the upmove.