In the previous session:
Bank Nifty went up by 87 points then went down by 168 points before closing lower by 77 points on Thursday.
Bank Nifty made a new lifetime high of 42622.75 in this upmove from the lows of 16116.25 made on 24th March 2020
On 17th Nov:
Bank Nifty triggered our short trade and almost completed 2 targets doing almost 85 points.
For 18th Nov:
Sustaining above 42550 enter for 42605 - 42670 - 42840, SL 42480
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 42622.75 almost testing our initial weekly long targets of 42640 - 42710 and closed at 42458.05
Now in the coming session Bank Nifty has to hold above 42290 on dips to expect a bounce again towards our initial weekly long targets of 42640 - 42710. On the downside Bank Nifty breaking and sustaining below 42290 has immediate support at 41980 - 41890 and below it can 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 42622.75 on 17th 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.
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