Bank Nifty Outlook for 07th Nov

  In the previous session:  

Bank Nifty went up by 218 points then went down by 247 points before closing lower by 40 points on Friday.

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

On 04th Nov:

Bank Nifty initially triggered our long trade and completed 1 target doing 95 points and took our TSL. Post that Bank Nifty reversed to trigger our short trade and again completed 1 target doing 100+ points and took our TSL. Overall a indecisive day.

For 07th Nov:

Sustaining above 41360 enter for 41410 - 41480 - 41660, SL 41285

Sustaining below 41160 enter for 41110 - 41030 - 40860, SL 41230

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 41420 - 41510 for a move   towards initial long targets of 41770 - 41850. 

Sustaining or closing above 41850 Bank Nifty may move towards next long targets of 42070 - 42320

On the downside:

Bank Nifty has to sustain and close below its immediate support at 41100 - 41000 for a move towards initial short targets of 40740 - 40670. 

Sustaining or closing below 40670 Bank Nifty may move towards next short targets of 40450 - 40200

In case 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 41840.15 on 15th Sep 2022 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.