Nifty and Banknifty prediction for Today 04 August 2021 (Wednesday)

  • SGX NIFTY is already trading up with almost 70-80 points and trading near 16241   NIFTY will also follow this.

Today we will be Analyze NIfty with the help of Banknifty levels because now there is no resistance or supply zones in NIfty now so we need to follow BANKNIFTY HURDLES OR supply zones and these levels will work as .resitance in nifty.

And Banknifty Upper levels only stop Nifty so some pullback happens in NIfty so now we will discuss about that levels that is Form in Banknifty.

From the charts, I will show you some supply zones in Banknifty.

banknifty anlysis for today

Now NIfty is trading at 16238 (From SGX NIFTY) and banknifty may be open near 35250-35300

So you can clearly see in the above chart banknifty next supply zone is placing near 35400 if these levels sustain in BAknifty so banknifty maybe move higher otherwise it may slip near 35400  and come back to near 35200 so keep this levels on radar.

If banknifty slips from 35400 Nifty will also slip by following banknifty .. so keep this levels for your intraday trading .

Scenario -1: If banknifty comes near 35400 level for some time and it doesn’t sustain so try to short for some pullback .

Short Near 35400.-  target 35300- 35200

Scenario -2: If Banknifty breaks its resistance zone of 35400 and hold some time this level you need to buy for next targets.

Buy above 35420.-target 35500- 35600

Scenario -3: If quick profit booking happens in Banknifty and it comes near 35200 so this level will work as a support so you need to buy here see in the above chart

Buy Near  35200. target 35300- 35400

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