Friday, October 23, 2020

Technical Outlook, 23 October 2020

                                                 


Nifty Technical Outlook, Positional & Intraday Trading Levels



Today, 11930 is the crucial intraday level for Nifty.
If Nifty trades above 11930, then it could test 11970 and above that level it could test 12000. 
Instead, if Nifty trades below 11930, then it could test 11800, and below that level it could test 11700.

Short term Technical View of Nifty

For the short term, the level 12000 is crucial. If it sustains below this level, then it is likely to test 11250. Instead, if it trades above 12000, then it is likely to test 12150.


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, 24600 is crucial for Intraday.
If Bank Nifty trades above 24600, then it could test 24750 and above that level it could test 24900.
Instead, if Bank Nifty trades below 24600, then it could test 24200 and below that level it could test 23700.

Short term Technical View of Bank Nifty
The level 24800 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 24800, then it could test 23500 in the downside.
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