Technical Daily Task - 19th October 2026 by Prabhudas Liladhar
NIFTY / SENSEX
Nifty, after witnessing initial fluctuations picked up well to continue with the upward move and closed in the green near 23150 zone above the resistance hurdle of 23100 level with bias and sentiment improving. As mentioned earlier, the index would have the important 50EMA level at 23300 zone which needs to be decisively breached above to establish conviction and thereafter, can expect for further upward move in the coming days with 22200 zone positioned as the crucial and major support. Sensex indicated a strong move in the last two sessions moving above the 50EMA level at 74700 zone to improve the outlook expecting for further rise in the coming days. The index would have the near term resistance near the 75400 zone above which, there can be conviction established to expect for further upward move in the coming days. The index would have the near term support positioned near 73400 level which needs to be sustained to maintain the bias intact. The support for the day is seen at 23000 level, while the resistance is seen at 23400 levels.
BANKNIFTY / BANKEX
BankNifty, witnessed a rangebound session resisting near the 55900 level anxiously awaiting the results of the major banking stocks like HDFC Bank, ICICI Bank and Axis Bank which shall decide the further course of the movement in the coming days. A decisive move above the important 200 period MA at 56900 level is necessary to establish conviction and thereafter, to anticipate for further rise in the coming days, whereas on the downside, the 54000 zone shall be positioned as the important support which needs to be sustained to maintain the overall bias intact. Bankex witnessed a rangebound session finding resistance near the 63000 zone and would have the near term resistance near the important 50EMA level at 63300 zone which needs to be breached to establish further conviction. The index would have the important support near the 61000 zone which needs to be sustained failing which the overall trend would turn weak. BankNifty would have the daily range of 56600-55200 levels.
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