Bank Nifty Prediction Today – October 17, 2023: High-risk appetite traders can go long now

Bank Nifty October Futures (44,586)

Bank Nifty index opened the day with a wide gap-up and is trading higher. The index is trading at 44,490, up 0.6 per cent. The advance/decline ratio is at 11:1. It indicates the broader strength in the index.

Outlook

The Bank Nifty index has resistance in the 44,700-44,750 region. A strong break above 44,750 is needed for the index to become convincingly bullish. Else it can remain in a broad range of 43,800-44,750 for some more time. On the intraday charts, the immediate outlook is little mixed. The index can go either way from here.

Also Read: F&O Tracker: Nifty 50 holds strong, while Bank Nifty struggles

Bank Nifty Futures

The Bank Nifty October Futures (44,586) is up 0.55 per cent. Immediate support is at 44,500. If the contract manages to sustain above this support, a rise to 44,750-44,800 is possible.

On the other hand, if the contract breaks below 44,500 drag it down to 44,400 and lower.

Trade Strategy

Trades with high-risk appetite can go long at current levels and accumulate at 44,530. Keep the stop-loss at 44,480. Trail the stop-loss up to 44,610 as soon as the contract moves up to 44,660. Move the stop-loss further up to 44,680 when the contract moves up to 44,705. Exit the long positions at 44,720.

Supports: 44,500, 44,400

Resistances: 44.700, 44,800

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