Bank Nifty Outlook for 16th Nov

 In the previous session:  

Bank Nifty went up by 373 points before closing higher by 295 points on Tuesday.

Bank Nifty made a new lifetime high of 42450.05 in this upmove from the lows of 16116.25 made on 24th March 2020

On 15th Nov:

Bank Nifty triggered our long trade and completed all targets doing 280 points.

For 16th Nov:

Sustaining above 42465 enter for 42520 - 42590 - 42760, SL 42400

Sustaining below 42280 enter for 42220 - 42150 - 41980, SL 42350

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 42290 - 42380 for a move   towards initial long targets of 42640 - 42710. 

Sustaining or closing above 42710 Bank Nifty may move towards next long targets of 42920 - 43160

On the downside:

Bank Nifty has to sustain and close below its immediate support at 41980 - 41890 for a move towards initial short targets of 41630 - 41570. 

Sustaining or closing below 41570 Bank Nifty may move towards next short targets of 41350 - 41110

So far this week Bank Nifty made a low of 41965.45 testing our weekly support zone of 41980 - 41890 and bounced back today to make a high of 42450.05 breaking above our weekly resistance zone of 42290 - 42380 and closed at 42372.70. 

Now in the coming session Bank Nifty has to sustain above 42380 to move towards our initial weekly long targets of 42640 - 42710. On the downside Bank Nifty has immediate support at 41980 - 41890 and has to break and sustain below it to move towards 41630 - 41570. 

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 42450.05 on 15th Nov 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.