Indian Share Market Prediction:
Where will Bank Nifty go tomorrow?
Bank Nifty Prediction Tomorrow 29 Sep 2023 (Friday) | Detailed Expert Analysis
Contents:
1. Bank Nifty Today Levels
2. Bank Nifty Candlestick Chart Analysis
3. INDEX FII DII Option Data and Analysis
4. Bank Nifty Open Interest Analysis
5. Option Strategy for Bank Nifty Tomorrow
6. Bank Nifty Prediction for Tomorrow
1. Bank Nifty Today Levels
Bank Nifty Opening, Closing, Day's High, Day's Low
Open: 44,700.35Close: 44,300.95
Intraday High: 44,756.80
Intraday Low: 44,248.20
Daily Candlestick type formed: Similar to Nifty today, bank Nifty formed a red candle with long body and short wick. The body of today's large red candle completely engulfs the previous day's green candle thereby forming the bearish engulfing candlestick chart pattern.
Bank Nifty Support and Resistance Levels for Tomorrow
Support 1: 44180Support 2: 44000
Support 3: 43830
Resistance 1: 44750
Resistance 2: 44940
Resistance 3: 45000
2. Bank Nifty Candlestick Chart Analysis For Tomorrow
Today was a clear trending day for Bank Nifty, with the direction of the trend being downward since the market opened. Nifty Bank tried to bounce from the levels of 44550 in the first hour; however, it couldn't sustain the bounce as it met resistance at 44700 levels, and the selling pressure was constant thereonwards, which made Nifty Bank lose 0.64%. The fall in Bank Nifty is less when compared to Nifty, as Nifty lost close to 1% in the Indian share market today. Whatever Bank Nifty gained yesterday, it almost enitirely lost that today. Let's see what the charts have to say.
Bank Nifty 30 min time-frame chart analysis
As can be seen in the chart above, the immediate resistance for Bank Nifty is 44750 if bank Nifty clears it then 44940 will serve as resistance followed by the next resistance of 45000 for tomorrow.
Coming to the supports, 44180 will act as immediate support, and if broken, 44000 and 43830 will act as the next supports for BNF as highlighted in the chart above. These are very important intraday levels that should be kept in mind
In the 30 minute chart Bank Nifty has been forming lower-highs and lower-lows from 21 September.
The RSI(14) in 30 min chart is at 40.38
Bank Nifty 3 hour time-frame chart analysis
In the three-hour time-frame chart, Bank Nifty continues to be in the downtrend, as indicated by the Supertrend indicator on the 20th of this month.
On the upside, Bank Nifty has made a lower high of 46310 on 15 Sep when compared to the immediate previous swing high of 46369 made on 21 July. On the downside, if Bank Nifty breaks 43600, which is the previous swing low, BNF would make a lower-low in the charts. 43600 is an important support, breaking of which may lead to levels of 43350 and 42600.
The RSI(14) in 3-hour chart is at 34.25
Bank Nifty 1 day time-frame chart analysis
As seen in the chart above, Bank Nifty has made a large bearish engulfing candle in the daily timeframe with good volume. The formation of the bearish engulfing pattern suggests that the Bank Nifty may continue to trend downwards in the days coming. Bank Nifty has been making higher-lows since the 16th March 2023 swing-low of 38600, and if it reverses before 43600 it would continue to make higher-lows.
The RSI(14) in the daily chart is at 40.38
3. Bank Nifty FII DII Data Analysis
FII, DII, Client, and Pro Overall INDEX FO Open Interest Data
INDEX Call Options
| Entrant | Long Calls | Short Calls | Net Calls |
|---|---|---|---|
| FII | 672K | 505K | 166K |
| DII | 0K | 0K | 0K |
| Client | 3395K | 3315K | 80K |
| Pro | 1097K | 1343K | -246K |
| Total | 5165K | 5165K | 0K |
INDEX Put Options
| Entrant | Long Puts | Short Puts | Net Puts |
|---|---|---|---|
| FII | 843K | 473K | 370K |
| DII | 107K | 0K | 107K |
| Client | 2092K | 2663K | -570K |
| Pro | 1212K | 1120K | 92K |
| Total | 4256K | 4256K | 0K |
INDEX Futures
| Entrant | Long Futures | Short Futures | Net Futures |
|---|---|---|---|
| FII | 45K | 102K | -57K |
| DII | 47K | 69K | -22K |
| Client | 225K | 165K | 60K |
| Pro | 57K | 38K | 19K |
| Total | 374K | 374K | 0K |
FII INDEX OPTION Activity On 28 Sep (Thursday)
| Long Calls | Short Calls | Net Calls | Long Puts | Short Puts | Net Puts |
|---|---|---|---|---|---|
| -5,93,753 | -6,24,626 | 30,873 | -6,44,382 | -6,79,123 | 34,741 |
FII DII Cash Market/Stocks Activity On 28 Sep 2023 (Thursday)
| Entrant | NET BUY/SELL (in Crores ) |
|---|---|
| FII | -3364.2 |
| DII | +2711.5 |
This is the eighth day of continuous net selling by the FIIs. FIIs have net sold close to 15500 crores in the cash market in the last eight days in the Indian stock market.
4. Bank Nifty Open Interest(OI) Analysis
Open Interest Chart for 04 Oct 2023 Weekly Expiry (Wednesday)
Spot Price: 44603.15
Max Pain: 44600
PCR (Put Call Ratio): 0.9
Highest Call Option OI at: 45000 (2629K contracts)
Highest Put Option OI at: 44500 (2704K contracts)
India VIX: 12.75 (+10.8%)
5. Option Strategy For Bank Nifty Tomorrow 29 Sep
Banknifty options for tomorrow
We had initiated a sell position of 45000 call option on Bank Nifty yesterday. We will be adding 44300 put sell position within 15 minutes of market opening tomorrow. And, we will look to square-off both the call sell position and put sell position at the end of the trading session tomorrow as there is a long holiday weekend with Monday being holiday on the occasion of Gandhi Jayanti.
6. Bank Nifty Prediction For Tomorrow
Summary
After a trending day today, Bank Nifty may be choppy or sideways tomorrow, or may show a bounce of 0.3% to 0.5% from 44300 levels.
ALSO SEE - Nifty Tomorrow Prediction
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Copyright © NiftyPredictions.com | All Rights Reserved.
DO NOT COPY REPUBLISH OR REPRODUCE THIS ARTICLE. The text in this article is protected under Indian Copyright Act, 1957 and Digital Millennium Copyright Act (DMCA).
Copyright © NiftyPredictions.com | All Rights Reserved.
