Pre-Open Daily Tech view of Bank Nifty Spot for 18-10-2022

Bank Nifty yesterday opened flat around 39300. Initially took support form 5/9DMA bullish cross point 39150 and momentum gained above 20DSMA 39300. The Index gave a breakout on the daily frame above 39600 and headed towards the 40000 mark intraday. High printed at 39975 & closed at 39920.

D to D basis up 615 points.

The banking index formed a bullish candle on the daily scale with buying seen at any slight decline.

On the Upside :- Above 40000 Resistances are 40200 –40370 & 40500. Major 40688.

On the Down side:- Supports are placed at 39780 and 39650 levels. Should hold 39550/39350.

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Source : Eureka

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