NIFTY BANKNIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 19 OCTOBER 2022

FOR GETTING LIVE TRADING TIPS IN OPTION CALL PUT/STOCK FUTURE/ NIFTY FUTURE/BANKNFITY FUTURE/BANKNIFTY & NIFTY CALL PUT/INTRADAY STOCKS WHATSAPP YOUR NAME & SEGMENT ON 9039542248

Benchmark indices are up a percentage today, mainly led by PSU banks, as the recovery in the corporate credit cycle and consumer credit provided some much-needed tailwinds over the holiday season Trading as several PSU stocks, led by the defense sector across sectors, fell on rising volumes were in high demand. The upswing in global markets triggered a gap-up start at Nifty, which continued to intensify as index majors rose across sectors. It eventually settled at 17486. The Indian benchmark indexes ended positive for the third straight day on October 18 with Nifty touching nearly 17,500. To finish, the Sensex was up 549 points, to 58960 and the Nifty was up 175 points, to 17487. It is also worth noting that the RBI's confidence that headline inflation peaked in September and will decline from then on is being welcomed by financial markets and giving banks a boost. All sectors contributed to this move, with banks, energy, autos and FMCG among the top performers. The broader indices also traded in sync with the move, each gaining nearly 1 percent. When a gap opened on October 18, the Nifty surpassed several swing highs on the daily chart. After the positive start, the index tried to scale above 17500 but failed to break through on the closing basis. Regarding the Fibonacci retracement, a 61.8% retracement of the entire fall in September, i.e. 17580, will keep the current upleg in check. The Indian market maintains gains on favorable global and domestic cues. A homegrown positive is the downtrend in crude oil prices and the upside outlook for second quarter corporate earnings. Much of the recent recovery in markets can be attributed to the rebound in global indices, while gains have so far been mixed. Importantly, after two weeks of consolidation, Nifty has breached the 17,400 hurdle and we now expect a gradual recovery into the 17,600+ zone.  Global markets aside, we believe participation by key sectors on a rotating basis would be crucial for continued upside. For all the positivity, traders should focus on overnight risk management. The 17500-17600 zone includes several technical parameters that are expected to attract a fresh round of selling. If this zone is not exceeded, the Nifty can slide back down. If it fails to hold this level, the index will fall back to 17300-17200 in the coming sessions.

 Resistance: 17350, 17450, 17550

Support: 17250, 17150, 17050