Bank Nifty Outlook for 09th Nov

 In the previous session:  

Bank Nifty went up by 520 points before closing higher by 428 points on Monday.

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

On 07th Nov:

Bank Nifty opened with a big gap up above our last long target and did not give a trade. We had shared revised levels on telegram based on which we got a short trade of 250+ points. 

For 09th Nov:

Sustaining above 41780 enter for 41830 - 41890 - 42060, SL 41715

Sustaining below 41600 enter for 41550 - 41480 - 41310, SL 41660

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

So far this week Bank Nifty made a high of 41779.40 testing our initial weekly long target zone of 41770 - 41850 and closed at 41686.70. 

Now in the coming session Bank Nifty sustaining above 41510 can move towards 41770 - 41850 and breaking and sustaining above 41850 can move up further towards 42070 - 42320. On the downside Bank Nifty has immediate support at 41100 - 41000 on dips which it needs to hold for a bounce else breaking and sustaining below 41000 we can see it move towards 40740 - 40670.

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.