Date
23rd April 2024
18th April 2024
17th April 2024
14th April 2024
Plan for tomorrow
Bank Nifty is in consolidation mode. However, tomorrow being an expiry day, possibility for Bank Nifty to get volatile still consolidating in sideway range! Or, possibility to break out in either direction. But there is a caveat, even if Bank Nifty breaks out, current market structure suggests it may or may not sustain. Hence it’s advisable to enter once breakout sustain. Early entry on breakout can be risky.
Bank Nifty is bearish by structure. However it’s strength at this juncture is relatively less. Even momentum is missing in the movement. So possibly market may continue falling for some more time, but if strength is not gained along with momentum, then at a point market would reverse with strong green candles. Let’s see how Bank Nifty would behave tomorrow! If market breaks around 46900 support zone decisively then it should continue falling for some more points.
Bank Nifty is poised to go up. However in current scenario of Israel and Iran sensitivity is creating high level of uncertainity in the markets. If any action over night or day before market opens on 18th April, possibility of gap down prevails. Otherwise as per market structure, market intent to go up and get sideways for sometime. Just to form base around current price level of 47400 to 48200. It may also become sell on rise in short term, till the Israel-Iran situation settles down.
Bank Nifty may open around current price or gap down! Let’s see. However, we will look for opportunity to buy on dip, as overall larger market trend is still bullish. However if we look at weekly view then market may stay sideways for sometimes. As of now, market hasn’t gained strength! If bearish side strength gained then it will fall further. If strength not gained on bearish side, then possibility for market to stay sideway, though possibility of high volatility!