15-10-2017 - Index views

NIFTY : 10,192.40

As mentioned in our previous post, we closed above the previous all time high & the recent swing top of 10,188. Now the trend is up. Friday, 13^th October, 2017 low is very important support for very short term. So one may take 10,100 as a support & a short term Stop Loss & go long. The chances are more to go up, just in case it comes down & closes below 10,100, one may exit all the longs in NIFTY & again reenter once it closes above the 10,100. So for any short term trade, the level of 10,100 must be used as a tool to entry & exit. One may take the position of long & short as per their comfort with the levels. New updates on NIFTY will be posted on Monday evening.

BankNifty : 24,732

The BankNifty also has given a short term breakout on the daily chart. It looks strong in short term. the BankNifty has trapped in a big trading range. Now the resistance & targets can be set at 24,900 & 25,200 for short / medium term. A strong support zone is at 24,200 to 24,000. One may take 24,200 as a warning bell & start exiting all the longs in BankNifty or any other banks, once it closes below 24,200. A strong close below 24,000 may drag the BankNifty further down. So please keep these broad range & the levels in mind & trade accordingly. More levels & trading levels will be posted again on Monday evening.