Friday, October 30, 2020

Technical Outlook, 30 October 2020

                                                     


Nifty Technical Outlook, Positional & Intraday Trading Levels



Today, 11700 is the crucial intraday level for Nifty.
If Nifty trades above 11700, then it could test 11750 and above that level it could test 11820. 
Instead, if Nifty trades below 11700, then it could test 11600, and below that level it could test 11520.

Short term Technical View of Nifty

For the short term, the level 11700 is crucial. If it sustains below this level, then it is likely to test 11250. Instead, if it trades above 11700, then it is likely to test 12300.


Medium term outlook of Nifty dated on 7 August 2020

The medium term outlook of Nifty would remain bullish if it sustains above 9900. Nifty is likely to move towards 12500.

Long term outlook of Nifty dated on 7 August 2020
A major correction in Nifty is over. The long term outlook of Nifty is looking bullish and this view holds good as long as Nifty sustains above 9000 and in the upper side it is likely to test 13000 in coming months.




Technical View of Bank Nifty 


Bank Nifty Intraday levels
Today, 24200 is crucial for Intraday.
If Bank Nifty trades above 24200, then it could test 24300 and above that level it could test 24500.
Instead, if Bank Nifty trades below 24200, then it could test 23900 and below that level it could test 23700.

Short term Technical View of Bank Nifty
The level 23900 is crucial for Bank Nifty in the short term. As long as it trades above that level, a rally towards 26000 level is likely. Instead, if it could not sustain above 23900, then it could test 23000 in the downside.
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