On the weekly chart, the index has formed a bullish candle with a notable upper shadow (wick) and closed at 44231.45 levels, having reached a low of 43862.00 levels during the trading period. The RSI momentum indicator is currently hovering around 55 levels. On the same weekly chart, the Index achieved a peak of 44949.90 and concluded the session at 44231.45 levels, representing a 0.87 percent increase compared to the previous week’s closing value.
Turning to the daily charts, a robust support level is evident around 43600 levels. A breach of this support may expose further bearish potential for the Bank Nifty. Notably, major contributors such as HDFC BANK and KOTAK BANK could influence a downward move in the index. Conversely, if the index exhibits upward movement, AXIS BANK is anticipated to outperform within the private banking sector. Meanwhile, in PSU banks, PNB and SBIN are expected to show upward movement, potentially delivering substantial gains in the upcoming week.
The Bank Nifty AUGUST futures are currently trading at a discount of 61.45 points in relation to the Bank Nifty spot. Regarding the distribution of open interest (OI) for Bank Nifty Put options, the 44000 strike exhibits the highest concentration, likely serving as a support level for the current expiry. Among Bank Nifty Call options, the 44500 and 44700 strikes show significant OI concentrations, potentially acting as resistance points for the ongoing expiry.
On the weekly charts, a minor support zone lies within the range of 43600-43700 levels. Should Bank Nifty drop below this range, a downward movement towards 43300 levels could be anticipated. Significantly, Bank Nifty faces a robust resistance level at 44600, which coincides with its 50 and 20 Day Exponential Moving Average (EMA) levels. A successful breach of this resistance could propel Bank Nifty towards the higher range around 45250 levels.
Frequently Asked Questions (FAQ) on Banknifty prediction for next week september 2023, banknifty latest update
1. What is the significance of the weekly chart’s candle formation?
The weekly chart shows a bullish candle with an upper shadow and a close at 44231.45 levels, after reaching a low of 43862.00 levels. This indicates a potential upward movement during the week, despite a temporary pullback.
2. How has the Index performed on the weekly chart in comparison to the previous week?
The Index reached a peak of 44949.90 on the weekly chart and concluded at 44231.45 levels, marking a 0.87 percent increase compared to the previous week’s closing value.
3. What is the support level on the daily chart?
On the daily chart, a robust support level of 43600 is evident. A breach of this level could lead to further bearish movement for the Bank Nifty.
4. Which banks might influence the Bank Nifty’s movement?
If the support level breaks, prominent banks like HDFC BANK and KOTAK BANK could contribute to a downward trend. Conversely, AXIS BANK is expected to outperform within private banking if the index moves upwards. In PSU banks, PNB and SBIN are anticipated to deliver gains.
5. What is the current position of Bank Nifty’s AUGUST futures?
The Bank Nifty AUGUST futures are currently trading at a discount of 61.45 points compared to the Bank Nifty spot.
6. How does the open interest (OI) distribution affect the current situation?
For Bank Nifty Put options, the 44000 strike exhibits the highest OI concentration, suggesting it may act as support. In terms of Bank Nifty Call options, the 44500 and 44700 strikes have notable OI concentrations, potentially serving as resistance levels.
7. What are the possible support and resistance levels on the weekly chart?
The weekly chart indicates a minor support zone within 43600-43700 levels. If this range is breached, the index might move towards 43300 levels. A strong resistance level at 44600, coinciding with the 50 and 20 Day Exponential Moving Average (EMA) levels, could propel Bank Nifty towards the higher range around 45250 levels upon breaching.