Intraday Outlook for Bank Nifty Futures

tomorrow-16-08-23

BANKNIFTY INDEX:-Retail inflation has experienced a concerning rise, surging from 4.8% to 7.4%, which is generally unfavourable for the market. As we approach the market opening, it becomes crucial to calculate potential support and short-covering levels. Accordingly, our analysis indicates that Bank Nifty's support zones lie around 43890 and 43720. This suggests that the initial market movement might lead Bank Nifty to open with a gap down around 43950, subsequently edging lower towards 43890. During this phase, there could be a period of sideways movement aimed at consolidation. It is advisable to monitor closely for any signs of a Breakout pattern, as such indications could trigger a further descent towards 43715. To maintain a positive outlook, it is imperative for Bank Nifty to engage in short covering activities beyond the 44420 mark. For a comprehensive understanding of how these trends can be identified well in advance and how patterns manifest in real-time market scenarios, consider enrolling in our Advanced Price Action course.

Banknifty Future (My own view):- Today's range is 43865 to 44580. After the gap down, there is a possibility that Bank Nifty may cover its short position and an upside rally can be seen.

For Tradingview live chart:-https://in.tradingview.com/chart/BANKNIFTY1!/iSJi9BtP-Banknifty-prediction/

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Disclaimer:-I'm not a SEBI registered analyst. The chart is shared only for educational purposes.

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