Bank Nifty holds 19320, fails to close above 19500, EOD Analysis

Wednesday, October 19 Leave a Comment

As discussed in Last analysis  Till we are holding 19000 we can see move till 19318, momentum will come on close above 19318 for move till 19501/19732, Bears will get active below 19000 for a move till 18750. Low made today was 19162 and we did target of 19318 and momentum came above 19318 and did the target of 19501 as High made today was 19511.Big rise came today but we got early indication as 19000 was holding from past 2 days, Close above 19511 will see next move towards 19700. Trades should watch 19700 very closely for coming week as major trend change will happen above 19700 and we can see move towards 20000/20400 on upside and unable to close above 19700 can see fast fall towards 19000 again. Today was classic day of resistance becoming support as bulls used 19318 as support and bounced back, but were unable to close above 19500 , suggesting till 19318 is held we can trade in range of 19320-19500

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