BANK NIFTY
Important Levels for 18-10-2021
We saw a big breakout in the second half of the last session courtesy HDFC bank and well supported by other banks except SBI. With quarterly results of HDFC and Indusind bank we can expect to see another rally.
Tomorrow is day where we should not look to short unless we have a massive gap up.
Immediate support zones are 39260-39320 followed by 39190-39220 and any dips should see bounce from here. Targets should be 39450 if we take longs from these levels. Safe traders should wait for 39450 to be crossed for targets of 39600,39700 and 39850. SL i any case should not be more than 60 points.
Option data also suggests 40000 to be a major resistance and once we see 39500 breached we can see 40000 very soon.
We saw a big breakout in the second half of the last session courtesy HDFC bank and well supported by other banks except SBI. With quarterly results of HDFC and Indusind bank we can expect to see another rally.
Tomorrow is day where we should not look to short unless we have a massive gap up.
Immediate support zones are 39260-39320 followed by 39190-39220 and any dips should see bounce from here. Targets should be 39450 if we take longs from these levels. Safe traders should wait for 39450 to be crossed for targets of 39600,39700 and 39850. SL i any case should not be more than 60 points.
Option data also suggests 40000 to be a major resistance and once we see 39500 breached we can see 40000 very soon.
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