In the previous session:
Bank Nifty went down by 235 points before closing lower by 90 points on Monday.
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 21st Nov:
Bank Nifty triggered our short trade and completed 2 targets doing 148 points.
For 22nd Nov:
Sustaining above 42430 enter for 42480 - 42540 - 42690, SL 42370
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its immediate resistance at 42585 - 42675 for a move towards initial long targets of 42925 - 42990.
Sustaining or closing above 42990 Bank Nifty may move towards next long targets of 43200 - 43440
On the downside:
Bank Nifty has to sustain and close below its immediate support at 42290 - 42200 for a move towards initial short targets of 41950 - 41880.
Sustaining or closing below 41880 Bank Nifty may move towards next short targets of 41670 - 41440
So far this week Bank Nifty has made a low of 42202.55 nearly breaking our weekly support zone of 42290 - 42200 and closed at 42346.55
Now in the coming session Bank Nifty has immediate resistance at 42585 - 42675 where it may face selling pressure. On the downside Bank Nifty has to break and sustain below its support at 42200 for a move towards 41950 - 41880. Bank Nifty has been showing a lot more strength than Nifty in recent times
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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