Quote on Bank Nifty 16th October 2026 by Vatsal Bhuva, Technical Analyst at LKP Securities

2026-10-18 02:02:48 pm | Source: LKP Securities Ltd

Quote on Bank Nifty 16th October 2026 by Vatsal Bhuva, Technical Analyst at LKP Securities

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Below the Quote on Bank Nifty 16th October 2026 by Vatsal Bhuva, Technical Analyst at LKP Securities

"Bank Nifty is witnessing an upward consolidation, indicating improving buying interest. The index has reclaimed its 20-DMA on the daily chart, while the RSI sustaining above 50 in a bullish crossover signals strengthening near-term momentum. Going forward, the index is expected to move towards its 50-SMA, indicating a potential mean-reversion rally. However, the 56,200 level could act as an resistance before further upside. On the downside, immediate support is placed at 55,200, followed by 55,000."

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Quote on Bank Nifty 16th October 2026 by Vatsal Bhuva, Technical Analyst at LKP Securities

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