Bank Nifty and Nifty Prediction for Wednesday

Global markets are currently stable with no signs of panic or profit booking.

Indian market is receiving constant flow of new money which is pushing it to fresh all time highs.

In this background, there comes a news that impact of COVID-19 on Indian Economy is not as bad as it was thought earlier.

Therefore, there is no resistance as of now to stop Nifty from scaling fresh all time high. The current resistance level of 17132 (Futures chart), if surpassed, will force more Short Sellers to
cover their positions and give further upwards push to Nifty and if downward move starts, Support is pegged at 16705 only which indicates downwards move will be brutal for the PUT Sellers.


In comparison, Bank Nifty Futures chart is showing resistance at 36650 (see image below):




If this level is surpassed, there will be fresh upwards push for Bank Nifty while immediate downwards Support is pegged at 36364.