Pre-Open Daily Tech view of Bank Nifty Spot for 17-10-2022

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Pre-Open Daily Tech view of Bank Nifty Spot for 17-10-2022

​Pre-Open Daily Tech view of Bank Nifty Spot for 17-10-2022


Last Friday Bank started the session with a big Gap up opening around 800 points at 39446 and remained in the positive terrain throughout the session to close with nearly 700 points or 1.76% gains at 39306. But the Index has formed a small-bodied bearish candle on the daily charts as the closing was lower than opening levels.



After Friday's gap-up opening was unable to continue the momentum on the upside. Like last week this week also Bank Nifty failed to cross crucial hurdle 39600.



Today expectation is lower - Gap down opening & try to fill the last days’ Gap <39200-39100~>



On the upside:- 39300 is the 20DMA – may act as resistance today. On the Upside strength above that then other Resistances are 39500—39635 & 39725.







On the down side:- 1st support at 39100 & below that 38975-38886 <5-9 mov sup> . If breaches then major 38740 & 38600. On the down side 38400 should hold then fresh negativity.

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