Technical levels of Nifty, Bank Nifty Future 18th Oct2019
Nifty and Bank Nifty Future Technical levels for 18th Oct2019:
It was a flat start for the Indian market today. Nifty future opened at 11480.45 and closed at 11598.30 whereas Bank Nifty future opened at 28530.50 and closed at 29070.35
Nifty future has given an intraday movement of 161 points and touched high at 11619 and low of 11458 The Bank Nifty future has given a movement of 620 points and touched high at 29150 and low of 28530.50. Today the market was sideways in the morning and later got uptrend in the afternoon. You can read details market update here
Nifty Futures Technical levels for 18th Oct 2019
Primary Trend Nifty Futures: Up
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11700 whereas All Down Moves Initiates Short Covering (Buy) @ 11560
If Nifty Futures Moves Above 11612 and sustain. Then you should Buy with 1st Target of 11655 during the day with a Stop Loss of 11556 FOR the Target of 11655- 11682- 11718
If Nifty Futures Moves Below 11556 and sustained. Then you should Sell with 1st Target of 11527 during the day with a Stop Loss of 11612 FOR the Target of 11527- 11498- 11455.
Bank Nifty Futures Technical levels for 18th Oct 2019
Primary Trend of Bank Nifty Futures: Up
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 29550, whereas All Down Moves Initiates Short Covering (Buy) @ 28700
If Bank Nifty Futures Moves Above 29120 and sustained. Then you should Buy with 1st Target of 29280 during the day with a Stop Loss of 28920 FOR the Target of 29280 – 29415 – 29538
If Bank Nifty Futures Moves Below 28920 and sustained. Then you should Sell with 1st Target of 28810 during the day with a Stop Loss of 29120 FOR the Target of 28810- 28680- 28500
Conclusions:
The global market is positive and so the Indian Market. The Brexit deal and US-China trade talks helped the Indian market to trade in the positive zone. The recent change in the Indian Corporate tax structure and stimulus package has also forced FIIs and FPIs to return to the Indian equity market. FIIs/FPIs have started buying in the cash segment for the last 6 days.
The market is looking positive, traders can follow our technical analysis of Nifty and Bank Nifty future for 18th Oct2019 with strict stop loss. The market will open as per global cues in the morning.
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