BANKNIFTY PREDICTION FOR NEXT WEEK FEBRUARY 28 - MARCH 4, 2022

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PIVOT LEVELS Type R1 R2 R3 Pivot Point S1 S2 S3 Classic 38489 39380 40299 37570 36680 35761 34870 Fibonacci 38262 38689 39380 37570 36879 36452 35761 Camarilla 37765 37930 38096 37570 37433 37267 37101

Start of the week 21 February 2022 in the banking sector saw an action-packed session as the bulls overcame initial hiccups and helped the banking index settle in the green. The Bank Nifty index outperformed the benchmark index to end the day up 0.23% to 37686 levels in green. Tuesday saw a high volatility trading day in the banking sector where the initial loss was reduced by the end of the session. The Bank Nifty Index ended the volatile day on the downside, shedding 0.83% to close at 37372 levels. The Banknifty index endured a lackluster Wednesday trading, with initial gains being pared back in the second half to end the day on a silent note. The index has seemed stuck in a narrow range bound move for the past few trading sessions and has lost its luster. On Thursday, the Bank Nifty index fell sharply, over 5.79% amid the ongoing sell-off on escalating geopolitical tensions. The massive fall is likely the biggest one-day fall in months. The index broke the 200 DEMA & SMA to end the day at 35228, lagging the reference index. Technical supports were treated as numbers only and the index continued to fall like a bottomless pit. On Friday banknifty closed up by 1200 points at 36430. 

On the technical front, all indicators have turned south as the bears turned on their angry mode. In terms of levels, the previous swing close of 30400 odd levels could be considered an immediate cushion; however, if things get worse, we may see more downsides. The 200 DEMA could now act as a stable wall placed around 36600 odd zones on the higher front. Due to the technical setup and the influence of the ongoing global crisis, further movement of the index remains tentative. But since this has to do with geopolitical concerns and such issues are sometimes very sensitive and deceptive, we would take it one step at a time.. Considering the technical setup, global uncertainty, and increased volatility, staying cautious and restraining from any heavy leverage positions is advisable.