BankNifty Intraday Levels 16th Oct 2023

16 oct. 2023

Good Morning Everyone,

Trends on Gift Nifty indicaties a flat to positive start in indian market. The market was under selling pressure on Friday as IT heavyweights continued to trade lower on concern over demand outlook and a slide in the banking stocks worsened the sentiment. That was the reason Banknifty have shown sharp declined (-311 points) in last one hour session. But if i talk about strong support in banknifty is at 43600-43800. And resistance lies at the 45000 mark. Well overall market sentiment remains bullish as long as the critical support 43600 holds, and a breach below this levels can take banknifty more down,,On the upside substantial resistance levels in placed at 45000 and breakout beyond this points is likely to trigger significant short covering.

Important levels for Bank Nifty:-

Intraday support zone 44000
Strong Support zone 44600-44800

Intraday resistance zone 44700
Strong resistance zone 45000

Buy above 44378, if levels sustains at least for 15 mints.
Targets we can see in upside 44530/44690
Keep stop loss at 44195

Sale below 44195, if levels sustains at least for 15 mints.
Targets we can see in downside 44048/43818
Keep stop loss at 44378

Note:- Always wait for the best entry or levels to execute trades. And always follow strict stop loss to save your capital from unexpected market direction.

Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.

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