Bank Nifty Outlook for 18th Nov

 In the previous session : 

Bank Nifty went down by 325 points then went up by 149 points before closing lower by 265 points on Wednesday.

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 17th Nov :

Bank Nifty triggered our short trade and completed 2 targets and more doing 220+ points and took our TSL. Post that Bank Nifty triggered our long trade but did not complete any targets and took our stoploss. 

For 18th Nov :

Sustaining above 38125 enter for 38175 - 38235 - 38395 , SL 38065

Sustaining below 37955 enter for 37905 - 37850 - 37690 , SL 38020

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 37981.20 testing our next weekly support zone and closed just above 38000. Now in the coming session Bank Nifty if it breaks and sustains below 37900 then we can see a further dip towards 37600 - 37300 levels. On the upside Bank Nifty has immediate resistance 38500 - 38700 zone which it needs to break and sustain above for further upmove . Bank Nifty has been weaker compared to Nifty and now its crucial for it to hold the support at 37900 on closing basis .

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.