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Nifty

In the month of October, the Nifty was moving in the upward rising channel, suggesting a potential up move as long as it holds the support of the channel. A pullback rally was seen from 16,760 to 17,890 levels, and is still holding strong at every support level.

Currently, the Nifty is trading near its resistance zone of 17,800-18,000. And we may witness profit booking at higher levels. Any move above 17,800 may witness a positive move towards 18,000- 18,300.

On the flip side, 17,500 will act as a strong support provided by 50- DMA. Any move below 17,500 may extend the fall towards 17,200/17,000.

Going ahead, a breather of a few days from here on will, in turn, make the market healthy.

Market participants are advised to be stock-specific and follow the trend with a major support of 17,500.

BANKNIFTY

Technically, the Bank Nifty has an immediate resistance at 41,540. Any move above 41,540 on closing basis may extend its rise towards 42,320 - 43,370, which will also be its all-time high. On the flip side, support is placed at 39,750. And then, the Bank Nifty may extend its fall towards 38,700-37,500 levels.

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