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Bank Nifty October Futures (44,225)
Bank Nifty index is trading lower. The index has been oscillating within a range for about three weeks. The advance/decline ratio at 7:5 is positive. However, the price action on the chart is not giving a bullish signal at least for the near-term
The index has been range bound between 43,750 and 44,750 over the last three weeks. Within this range, the Nifty Bank index has been coming down now. It is currently trading at 44,125, down 0.65 per cent. The chances are looking high for the Bank Nifty index to fall to 43,750 – the lower end of this range in the coming sessions. A bounce thereafter will keep the sideways range intact. In that case, the Bank Nifty index can rise back to 44,750 – the upper end of the range going forward.
The Bank Nifty October Futures (44,225). The immediate outlook is negative. The contract can fall to 44,050 and 43,950. But thereafter the chances are high for the contract to see a bounce. That bounce can take the Bank Nifty Futures up to 44,300 and even 44,700 in the coming days.
Also read: Nifty prediction today — October 18, 2023: Go long now and accumulate on dips
The contract will come under more selling pressure only if it declines below 43,950. In that case, an extended fall to 43,800 can be seen.
Since the Bank Nifty is oscillating in a range, we suggest traders to take a positional trade which they can hold for the rest of the week.
Wait for dips. Go long at 44,060 and 43,980. Keep the stop-loss 43,840. Trail the stop-loss up to 44,150 as soon as the contract moves up to 44,230. Move the stop-loss further up to 44,320 when the contract touches 44,420. Exit the long positions at 44,500.
Supports: 44,050, 43,950
Resistances: 44,500, 44,700.
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Bank Nifty Prediction Today – October 18, 2023: Range bound. Wait for dips to go long – BusinessLine
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