Nifty And Bank Nifty Prediction For Thursday, 1 February 2024 - Stock Market Live (2024)

As we discussed in our analysis yesterday, both Nifty and Bank Nifty have behaved exactly as they have given very good upward breakouts from their support levels and we have seen very good targets. Bank Nifty made a very fast move of 600 points as soon as it broke its resistance. To know at what levels we can plan trade tomorrowread on: Nifty And Bank Nifty Prediction For Thursday, 1 February 2024

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Bank Nifty Prediction

The chart below is in 15 Minutes Time Frame

If Bank Nifty Opens Flat

If Bank Nifty opens flat then we will consider it on the positive side because today the market gave a very good up side moment and after that it kept consolidating at its higher levels throughout the day.

So now 46,150 is the immediate resistance level for Bank Nifty, if it breaks it and moves upwards then we will plan for trend continuation and can plan targets up to 465,00.

Flat opening range: 45,920-46,070 ( Consider as Flat )

If Bank Nifty Opens Gap Up

If Bank Nifty opens 50 to 100 points gap up tomorrow, we will consider it a flat opening and initiate long positions above 46,150.

But if this big gap up opens, then we will plan the trade only on the positive side, but we will wait a little before trading, let the price action develop, because if the market opens up a big gap, then there will be confusion. It remains to be seen which side the market will move because India’s interim budget is also to come tomorrow, due to which there may be volatility.

Gap Up opening range: 46250-46400 ( Will consider this a big gap up )

If Bank Nifty Opens Gap Down

If tomorrow Bank Nifty opens 50-100 points gap down, then we do not plan any position on the sell side because there is no sell side scenario at present.

Tomorrow Bank Nifty opens with a big gap down, so we will not plan any trade until it starts going below 45,500. Because it will become volatile after big gap down

Gap Down Opening Range: 45,800-45,650 ( Will Consider this a big gap down )

Support / Resistance

Nifty Prediction For Tomorrow

The chart below is in 15 Minutes Time Frame

If Nifty Opens Flat

If Nifty opens flat tomorrow, we will consider it on the positive side and initiate long positions as soon as 21,780 is broken.

As soon as it breaks, we can plan a target till 21,970 because there is a pending gap in the market till that point and we will plan a target till the gap is filled.

Flat opening range: 21,660-21,770 ( Will Consider this a Flat)

If Nifty Opens Gap Up

If Bank Nifty opens 40-50 points gap up tomorrow, we will consider it a flat opening and initiate long positions above 21,780.

And if tomorrow Nifty opens big gap up, like 100 -150 points then we will not make aggressive trade plan in it, we will wait a bit and then trade.

Because there is a hurdle at 21,850, the market may react a bit there, and when Nifty break it with price action, we will initiate positions.

Gap Up opening range: 21,800-21,850 ( Will consider this a big gap up )

If Nifty Opens Gap Down

If tomorrow Nifty opens gap down then we will not make any trade plan because then it will get stuck in a range. We will wait till the market breaks 21,500 on the downside and we cannot plan any sell side positions

Gap Down Opening Range: 21,650-21,550 ( Will Consider this a big gap down )

Support / Resistance

Conclusion

Both Bank Nifty and Nifty are trading on the positive side, so if both of them open flat or slightly gap up tomorrow, we will initiate call side positions in them only. We do not see any sell side scenario at this level.

India’s interim budget is also going to come tomorrow, so there may be volatility in the market, due to which we should trade by keeping our quantity half, which will reduce the loss if the stop loss is cut.

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