Bank Nifty and Nifty Intraday Chart prediction for Today, 7th August 2023

Bank Nifty and Nifty Intraday Chart prediction for Today, 7th August 2023:- We have seen positive movement on last Friday for Bank Nifty and Nifty after a huge fall in last week. But overall we have seen huge volatility in last week. The market opened gap up and remain positive trend through out the day. Huge volume buying seen in the top stocks like Reliance, Infosys and HDFC bank share. 

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Sectorial Indexes IT, private banks and consumer gained the most. Also, Auto sector, PSU banks and FMCG lost the most on last trading day. The India Vix fell 5.4 percentage to reach the levels to 10.

On last Friday Bank Nifty opened at 44762 and it gives continuous upward movement, taking the Intraday at 44550 levels to 45090 levels. From that levels, Bank Nifty fell again to the opening support levels and closed at 44858 levels.

Nifty on Friday opened gap up at 19466 levels, Then its moved gradually to our previously marked Resistance level of 19538 levels and rejected back to the opening range . After that Nifty moved again to the previous day high. At the time of closing, Nifty current level is at 19510. 

You may check our previous post about "Intraday Trading Breakout Stocks to Buy on Monday, 7th August 2023"

Bank Nifty Intraday Chart Levels for 7th August

Bank Nifty Intraday Chart Levels for 7th August

Now lets look in to Intraday levels for Bank Nifty for Today's market. We have the closing price of Bank Nifty at Just below the Resistance level of 44485 levels. We can expect more upward movement on Bank Nifty only above 44955 levels. We can see a Target 1 in Bank Nifty at 45085 levels. if Bank Nifty cross above this levels, we can see a second Target of 45240 levels. 

But if the Nifty opening gap down or in the current levels, Then we can see more downward movement on Bank Nifty to first support level of 44775 and a second support level of 44600 levels.
Above given is the one hour chart of Bank Nifty, please mark the above mentioned levels in your trading chart to know the entry and exit points in Bank Nifty.

Nifty Intraday Chart Levels for 7th August

Nifty Intraday Chart Levels for 7th August

When we look in to the Nifty Intraday chart as given above, there will be a upward movement expect above only 19540 levels. I would suggest only you go for buying after giving a breakout from this Resistance levels. If we get a breakout as i mentioned above, then Nifty can be moved in to the second resistance level of 19565 levels and then to 19600 levels.

But if the Nifty opened flat above the 19500 levels, you should wait for Nifty to break down below this level to get a further downward movement. And if the Nifty open Gap down, then you can expect 19420 soon in coming trading hours.

Conclusion

So, Here we have seen the latest chart analysis of Bank Nifty and Nifty for 7th August 2023, Monday. We have seen the breakout levels, Entry and exit points , Latest targets for Both Bank Nifty and Nifty. Wait the price to be crossed exactly those support and resistance levels to enter in to the trade. You may use pivot points, volume chart, 20 EMA indicators to improve your accuracy in the Intraday Trading. All the levels posted here are for Study purpose.