Bank Nifty Trade Setup for 19th October 2022
Broader market outlook is still looking bullish, however the momentum is slowing down and a potential for correction after the rally.
Predictions
- Charts : Indecisive to mildly bearish
- OI Data : PCR looks bullish, however we have major resistance at 40500
- FII Activity : Bearish
Verdict :- Expect a gap down opening / if opens flat a sell off as FII's are heavily short. If they decide to close their short positions, potential for a reversal is also there. Wait and watch price action to enter.
Major Levels to look for,
Upside : 40500, 40600, 40898
Downside : 40227, 40000, 39810
Predictions
- Charts : Indecisive to mildly bearish
- OI Data : PCR looks bullish, however we have major resistance at 40500
- FII Activity : Bearish
Verdict :- Expect a gap down opening / if opens flat a sell off as FII's are heavily short. If they decide to close their short positions, potential for a reversal is also there. Wait and watch price action to enter.
Major Levels to look for,
Upside : 40500, 40600, 40898
Downside : 40227, 40000, 39810
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