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Trading Plan: Can Nifty 50 Target 23,300 and Bank Nifty Clear 56,100?
M
Moneycontrol•19-10-2026, 08:51
Trading Plan: Can Nifty 50 Target 23,300 and Bank Nifty Clear 56,100?
- •The Nifty 50 rallied 149 points to close at 23,146, while the Bank Nifty ended higher at 55,844 with positive market breadth across the NSE.
- •Technical analysts suggest Nifty 50 could advance towards the 23,300 to 23,350 zone, supported by strengthening bullish momentum and moving averages.
- •Bank Nifty needs to decisively clear the 56,100 resistance hurdle to extend its upmove towards the 56,500 target range.
- •Experts recommend a selective buying strategy on declines, keeping strict stop-losses to manage volatility and downside risks.
Key Questions Answered
With improving momentum and trading above short-term moving averages, the Nifty 50 may advance toward its immediate target zone of 23,300–23,350. On the downside, immediate support is placed in the 22,900–23,000 range.
On October 16, the Nifty 50 rallied 149 points, or 0.65 percent, to close at 23,146. Meanwhile, the Bank Nifty gained 34 points, or 0.06 percent, to end the session at 55,844.
The Bank Nifty needs to decisively clear the 56,100 hurdle in order to extend its upward movement towards the 56,500 level.
