Bank Nifty intraday setup 23rd Oct 2023

23 thg 10, 2023

Good Morning Traders,

Guy's Markets are on support zone, chances are high we can see reversal from here, Banking sector results are also coming very attractive, Icici bank and kotak bank has shown a magnificent results. In friday session Bank nifty has formed a bullish candlestick pattern with a long upper shadow, which resembles an inverted Hammer kind of pattern formation on the daily time frame. So this is proper bullish reversal pattern formed at the downtrend, But in case the index breaks 43500, the crucial support, then further selling pressure towards 43300 or 200- day ema can't be ruled out.

Important levels for Bank nifty:=

Important support zone 43500-43600
Strong Support zone 43300

Important resistance zone 43900-44000
Strong Resistance zone 44200

Buy above 43777, if levels sustains at least for 30 Mints.
Targets we can see in upside 43877/43988
Keep stop loss at 43608

Sale below 43608, if levels sustains at least for 30 Mints.
Targets we can see in downside 43498/43375
Keep stop loss at 43777

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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