Bank Nifty Update for 18th October 2021

BANKNIFTY Index has made an ALL-Time High in the previous trading session and has given a one-sided short-covering move.

The Index has a much wider range now and has been seen trading in a bullish uptrend channel which is valid since 27th July.

Now the range is 1400 points which is a wide range for the Index.

We may see a breakout of the channel on the upside because HDFC BANK results have turned out to be positive and we have also seen a short covering move in the second session on the previous trading session we cannot confirm it yet.

Now the Index is at a make-or-break level and we cannot make a biased view as predicting swings in Banknifty is not easy.

For today we'll be using our 30 min range strategy.

Trade setup
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RANGE HIGH: 39,400
RANGE LOW: 38,395

Key support is: 38,500
Key Resistance is: 39,400

Trade Accordingly!