Bank Nifty Outlook for 16th Nov

 In the previous session : 

Bank Nifty went up by 383 points then went up by 126 points before closing lower by 31 points on Monday.

Bank Nifty made a new life time high of 41829.60 in this upmove from the lows of 16116.25 made on 24th March

On 15th Nov :

Bank Nifty triggered our long trade and completed 2 targets and more doing 200 points. 

For 16th Nov :

Sustaining above 38800 enter for 38860 - 38930 - 39120 , SL 38730

Sustaining below 38600 enter for 38545 - 38470 - 38290 , SL 38670

Now for this week :

Bank Nifty has to break and sustain above 38955 - 39090 where it has its initial resistance for a further move towards 39465 - 39560 where it has its next resistance for the week 

Bank Nifty has to break and sustain below 38515 - 38375 where it has its initial support for a further move towards 38000 - 37900 where it has its next support for the week 

So far this week Bank Nifty has made a high of 39117.15 breaking above our initial resistance zone and corrected till 38606.60 just above our initial support zone for the week and closed just above 38700. Now in the coming session Bank Nifty has to hold above 38350 incase of sharp dips for a bounce back towards 38955-  39090 and closing / sustaining above 39090 we can see a further move towards 39465 - 39560. Alternatively closing / sustaining below 38350 can take Bank Nifty down further towards 38000 - 37900 where it has its next support.

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 41829.60 on 25th Oct 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 18604.45 on 19th Oct 2021 from the lows of 7511 made on 24th March 2020.

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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.