Bank nifty Support Resistance 20Oct

19 oct 2023

1. Support and Resistance Levels:
- Support Levels:
- Strong Support: 43700
- Resistance Levels:
- Immediate Resistance: 43770
- Strong Resistance: 43884
- Next Resistance: 43995
- Strongest Resistance: 44120

2. Analysis:
- If the market opens with a gap-up above 43770 but below 43884, it suggests a mixed sentiment. In this case, the market may trade in the range between these two levels.

- If the market opens above 43884, it indicates a bullish sentiment. In this scenario, traders can look for resistance levels at 43995 and 44120. A move above 43995 could signal a good upside potential.

- Conversely, if the market opens below 43770, it may imply a bearish sentiment. However, you mentioned that the support at 43700 could act as a strong level. Traders should monitor how the market behaves around 43700.

- It's important to consider that support levels can become resistance and vice versa in a dynamic market. So, the levels you provided are crucial reference points, and traders should pay close attention to how the market reacts around them.

3. Additional Points to Consider:
- Keep an eye on news and events that may impact the banking sector, as they can influence Bank Nifty's movement.
- Implement risk management strategies, including stop-loss orders, to protect your capital.
- Be prepared to adapt your strategy as the market evolves throughout the trading day.