Nifty Bank IndexLong
Bank Nifty Trade Setup for 18th October 2022
Market is clearly bullish with all the signals indicating a potential for sustained upward movement.
Outlook
- Charts : Bullish
- OI Data : Bullish
- FII Activity : Bullish
Verdict :- Gap up opening is certain, potential for it hold that level and to go further up is high. 40500 is the key level to notice as it might be an area which give resistance or even lead to a potential correction / retest of Daily consolidation channel high before further moving up.
Bank Nifty has just came out of a strong sideways consolidation channel which lasted for 8 trading sessions. This breakout has the potential to take the Bank Nifty to fresh highs. Only point to keep note of is the potential for a retest of channel high before market can go up again.
Even in the weekly chart we have a clear breakout above the inside candle was formed during the past week.
Outlook
- Charts : Bullish
- OI Data : Bullish
- FII Activity : Bullish
Verdict :- Gap up opening is certain, potential for it hold that level and to go further up is high. 40500 is the key level to notice as it might be an area which give resistance or even lead to a potential correction / retest of Daily consolidation channel high before further moving up.
Bank Nifty has just came out of a strong sideways consolidation channel which lasted for 8 trading sessions. This breakout has the potential to take the Bank Nifty to fresh highs. Only point to keep note of is the potential for a retest of channel high before market can go up again.
Even in the weekly chart we have a clear breakout above the inside candle was formed during the past week.
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