Bank Nifty Prediction for 24-07-2024: Support & Resistance Level

In today's session, Bank Nifty experienced significant volatility, trading within a range of 52,500 to 51,300. The index found support at the levels identified in yesterday's analysis. Changes in the capital gains tax led to unpredictable market behavior, resulting in the index closing deeply in the red. The current setup for Bank Nifty is not particularly bullish; however, it is oversold, suggesting potential for a rebound. However, breakdown of rising wedge pattern can lead to a initial dip upto 50,500 in times to come.
Key Takeaways from Union Budget 2024 on Banking:
The Union Budget 2024 has introduced several measures to enhance the banking sector, with a strong emphasis on boosting credit flow to MSMEs and strengthening the financial ecosystem.
Focus on MSME Lending:
Credit Guarantee Scheme: The government is reinforcing the credit guarantee scheme to ensure continued bank credit to MSMEs during stressful periods.
Mudra Loan Limit Increase: The Mudra loan limit has been raised from ₹10 lakh to ₹20 lakh, offering more financial support to small businesses.
TReDS Onboarding: The turnover threshold for mandatory onboarding on the TReDS platform has been reduced from ₹500 crore to ₹250 crore, facilitating faster payments to MSMEs.
In-House Credit Assessment Capability: Public sector banks are required to develop in-house capabilities for credit assessment of MSMEs to streamline the lending process.
Other Important Points:
Financial Stability: The budget highlights the importance of maintaining financial stability and supporting infrastructure development through continued fiscal support.
Capital Expenditure: A substantial allocation of ₹11.11 lakh crore for capital expenditure has been announced, which is expected to boost economic growth and create job opportunities.
The above content has been sourced from internet.
Bank Nifty Prediction for Tomorrow:
Support Levels:
The first support level is at 51,600, with stronger support between 51,200 and 51,000 on an intraday basis.
Resistance Levels:
On the upside, the initial resistance is at 52,000, with subsequent resistance between 52,300 and 53,600. If this range is breached, the major resistance level is at 52,800 to 53,000.
Technical Indicators for Bank Nifty Prediction:
Max Pain: 51,900
PCR (Put-Call Ratio): 0.48 Over Sold
IV (Implied Volatility): 21.32 as of the closing on 23-07-2024.
Stay tuned for more updates on Bank Nifty and the Bank Nifty prediction for tomorrow to navigate the volatile market conditions effectively.
Disclosure: I am not SEBI registered. The information provided is for educational purposes only and should not be considered financial advice. Consult a qualified financial advisor before making any investment decisions. Social media shares on any platform are not endorsed or supported by the publisher.