Thursday 12 November 2020

Bank Nifty Outlook for 13th Nov

 In the previous session : 

Bank Nifty went down by 779 points before closing lower by 566 points on Thursday as compared to its previous day's  close . 



Bank Nifty had made a life time high of 32613.10 on 30th December and had  then corrected till 16116.25 points on 24th March


On 12th Nov :

Bank Nifty  triggered our short trade  and completed all targets doing 550+ points


For 13th Nov :

Sustaining above 28475 enter for 28595 - 28730 - 29105 , SL 28340


Sustaining below 28085 enter for 27965 - 27825 - 27455 , SL 28220



Now for this week :

Bank Nifty had immediate resistance near 27130 - 27335 and above it next resistance near 27900 - 28045 zone


Bank Nifty has immediate support near 26470 - 26265 and below that next support near 25695- 25555 zone


Bank Nifty made a high of 29030.90 within our expected resistance zone of 28900 - 29300 and unless it closes above it we were expecting to see some cooling off in this upmove and today we saw it make a low of 28066 correcting nearly 1000 points. 

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


Bank Nifty has now made a high of 28802.50 on 10tth Nov in the bounce from the fall till 16116.25  while Nifty has made a new lifetime high of 12643.90 on 10th Nov from the lows of 7511 made on 24th March.





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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