Monday 2 November 2020

Bank Nifty Outlook for 03rd Nov

 In the previous session : 

Bank Nifty went up by 1238 points before closing higher by 991  points on Monday as compared to its previous day's  close . 



Bank Nifty had made a life time high of 32613.10 on 30th December and has since then  corrected by 15822 points . 


On 02nd Nov :



Bank Nifty  triggered our long trade and did 1100 points as it even triggered our weekly long trade

For 03rd Nov :


Sustaining above 25080 enter for 25195 - 25330 - 25685 , SL 24950


Sustaining below 24705 enter for 24590 - 24450 - 24100 , SL 24835


Now for this week :

Bank Nifty has immediate resistance near 24115 - 24250 and above it next resistance near 24615 - 24710 zone


Bank Nifty has immediate support near 23685 - 23555 and below that next support near 23185- 23095 zone

Bank made a high of 25139 breaking above both weekly resistance and closed at 24892.50.  Now holding above 24615 - 24710 in the coming sessions we can see  the move extend towards the high made in August of 25232 and breaking above it towards 25380 - 25570.

Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .


Bank Nifty had made a low of 16116.25 on 24th March. 


Bank Nifty has made a high of 25232.60 on 31st Aug in the bounce from the fall till 16116.25  while Nifty has made a high of 12025.45 on 15th Oct from the lows of 7511 





How to use these levels 

  • Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 











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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions. 


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