Nifty and Bank Nifty Prediction For Tomorrow
In this article, we will talk about Nifty and Bank Nifty prediction for tomorrow. We will discuss some questions like. Which news is affecting the market? What kind of candle chart is the market making? What pattern are we seeing in the graph? Along with this we will discuss other important things as well which will help is in Nifty and Bank Nifty predictions, so let’s get started.
Recap of Previous Market Performance
Nifty and Bank Nifty both experienced a decline on Friday, April 19th, 2024.
Nifty: The index closed in negative territory, settling around 22,147 marks. This represents a drop of 0.68% compared to the previous day’s closing.
Bank Nifty: It followed a similar trend, closing at 47,574.15 which is also a decrease of 1.07% from the prior day’s closing.
Technical Analysis of Nifty For Tomorrow
The current trend of Nifty is downwards, Nifty fell after touching 22775 level and reached its support level till 21830, Nifty hit this support level on Friday and then recovered and Nifty closed at 22147.
Support And Resistance Levels of Nifty For Tomorrow
In the image, you’ll notice the key support and resistance levels marked. Nifty hit the support level of 21830 on Friday. Despite this, we’re maintaining this level for Monday as Nifty previously bounced back from it in March. It has touched this level twice, indicating a potential recovery. Hence, we’re considering it as support.
Additionally, the image displays the resistance level. After forming a brief consolidation zone around 22320, Nifty has dropped below it, indicating a potential decrease in resistance.
Moving Averages
Here we have taken the help of moving average indicator to identify the trend, EMA 9 has been set according to which line the market is trading.
Nifty Entry Level For Put And Call Side
Nifty call side entry: As you can see in the image, we have marked the call side entry which is above 22,180 level.
Nifty put side entry: In the same way you can consider 22090 level for put side level.
Technical Analysis Of Bank Nifty For Tomorrow
Same like nifty, Bank Nifty is also experiencing a downtrend. After reaching the level of 49057, Bank Nifty began to decline. Later in the day, it touched the level of 46579, which it had reached the previous Friday. Currently, it’s trading near the support level for Bank Nifty.
Support and Resistance Levels of Bank Nifty For Tomorrow
In the image, you can observe the main support and resistance levels marked. Bank Nifty hit the support level, indicated by the trend line, on Friday. We’ll regard this trend line level as the support level for Monday.
Additionally, the image shows the resistance level, with Bank Nifty currently trading at a distance from it. The resistance level is at 47780.
Bank Nifty entry for put and call side
Bank Nifty call side entry: As you can see in the image, we have not marked bank nifty call side entry because bank nifty is already trading close to the resistance and till the resistance is crossed, you can consider call side entry. The resistance level is 47780.
Bank Nifty put side entry: Similarly, after the trend line of support is broken, you can consider entry for the put side.
Market Sentiment Analysis
Market sentiment is an important factor in the Nifty and Bank Nifty Prediction For Tomorrow. Market sentiment is currently in favor of bears because the global market is also under pressure and due to global issues Indian market is also under pressure hence profit booking is going on and the market is in the downtrend.
News and Events to Watch
News is also important in Nifty and Bank Nifty Prediction For Tomorrow. We should keep an eye on some news like Iran and Israel war, inflation in the world, elections in India, a lot of impact of all these news can be seen on the market and it is also happening.
Risk Factors to Consider
Risk is still very high in the market because the pressure is very high. Therefore, you can trade up to half the amount of your capital and keep stop loss in your trade.
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