Thursday 19 November 2020

Bank Nifty Outlook for 20th Nov

 In the previous session : 

Bank Nifty went down by 930 points before closing lower by 846 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 19th Nov :

Bank Nifty triggered our short trade and completed  all targets doing 750 points.

For 20th Nov :

Sustaining above 29130 enter for 29270 - 29430 - 29865 , SL 28970


Sustaining below 28675 enter for 28535 - 28375 - 27945 , SL 28830


Now for this week :

Bank Nifty had immediate resistance near 28760 - 28940 and above it next resistance near 29445 - 29570 zone


Bank Nifty has immediate support near 28170 - 27990 and below that next support near 27485- 27360 zone

Bank Nifty made a high of 29784.75 in the previous session and had closed at 29749.85 well above the next resistance zone but today failed to sutain above it and corrected nearly 800 points intraday. Now immediate support is at 28760 - 28940 and breaking and sustaining below it we can see a move towards 28170 - 27990 zone. If support is held we  can expect another upmove towards 30000 levels.

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 29784.75 on 18th Nov in the bounce from the fall till 16116.25  while Nifty has made a new lifetime high of 12948.85 on 18th 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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