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Bank Nifty October Futures (43,740)
Bank Nifty Index is trading lower. The strong bounce above 43,900 failed to get a strong follow-through rise. This indicates that the sentiment is weak and the presence of sellers at higher levels. The advance/decline at 2:9 also signals the broader picture is weak.
Intraday support for the Bank Nifty index is at 43,550. A break below it can take the index down to 43,350-43,300.
The index has to see a sustained rise above 43,900 to move up to 44,200-44,300 and reduce the downside pressure.
The Bank Nifty October Futures (43,740) is down 0.25 per cent. Support is at 43,650. A break below it can take the contract down to 43,400.
Resistance is in the 44,000-44,130 region. The Bank Nifty October Futures has to rise above 44,130 to become bullish. Such a rise can take the contract up to 44,300 and 44,600 thereafter.
We suggest traders to stay out of the market today. See how the index closes for the week today. Trades can then be taken accordingly next week.
Supports: 43,650, 43,400
Resistances: 44,000, 44,130
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Bank Nifty Prediction Today—October 20, 2023: Stay out of the market – BusinessLine
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