Banknifty spot chart analysis for 20.10.2022

Banknifty standing just below a strong resistance zone of 40442 to 40564.

if banknifty crosses above 40564 then it may also cross above 40717 and may reach to the level of 40878.

between 40878 to 41062 is also an extremely strong resistance zone .

If Bank Nifty crosses over 41062 then it may reach to the level of 41256.


if banknifty moves down below 40442 then it may also cross 40276 and may reach to the level of 40120.

if banknifty crosses down below 40120 then it may also cross 39954 and will reach to the level of 39798.

If banknifty crosses down 39798 then it take bounce back from bounce back zone.

it is highly unlikely that banknifty will cross 41256 tomorrow and reach higher levels.