BANKNIFTY Spot View: 23/10/2024
CMP: 51257.15
Moving AVG (EMA) 20 Hour & 40 Hour: 51691 & 51709
Moving AVG (EMA) 20 Day & 40 Day: 51847 & 51827
Support & Downside Range: 50995—50400--49910
Resistance & Upside Range: 51600—51790--51975
Short Term Trend Reversal Level: -- 52580
Trading View Summary:
• Since last couple of trading session it was BNAKNIFTY which was showing strength now BANKNIFTY is the only hope of BULLS to come back in the recent condition.
• If BANKNIFTY manage to move above 52580 spot on closing basis then still bulls have a chance and we may see some good recovery in NIFTY as well.
• Whereas if BANKNIFTY fails to move above 52580 spot levels then consider 52580 as short term trend reversal mom dad rest and as long as BANKNIFTY remains below 52580 spot levels its trend remains sell on rise.
• Now on the way up 51790 to 51975 should act as trading resistance & 50995 as immediate trading support. If BANKNIFTY breaks 50995 on 1hr sustain basis then we may see it to join the NIFTY and it can fall towards 50400 to 49910 spot levels.
CMP: 51257.15
Moving AVG (EMA) 20 Hour & 40 Hour: 51691 & 51709
Moving AVG (EMA) 20 Day & 40 Day: 51847 & 51827
Support & Downside Range: 50995—50400--49910
Resistance & Upside Range: 51600—51790--51975
Short Term Trend Reversal Level: -- 52580
Trading View Summary:
• Since last couple of trading session it was BNAKNIFTY which was showing strength now BANKNIFTY is the only hope of BULLS to come back in the recent condition.
• If BANKNIFTY manage to move above 52580 spot on closing basis then still bulls have a chance and we may see some good recovery in NIFTY as well.
• Whereas if BANKNIFTY fails to move above 52580 spot levels then consider 52580 as short term trend reversal mom dad rest and as long as BANKNIFTY remains below 52580 spot levels its trend remains sell on rise.
• Now on the way up 51790 to 51975 should act as trading resistance & 50995 as immediate trading support. If BANKNIFTY breaks 50995 on 1hr sustain basis then we may see it to join the NIFTY and it can fall towards 50400 to 49910 spot levels.
