In the previous session:
Bank Nifty went down by 335 points then went up by 180 points before closing higher by 118 points on Tuesday
Bank Nifty made a new lifetime high of 46369.50 on 21st Jul 2023 from the lows of 16116.25 made on 24th March 2020
On 07th Nov:
Bank Nifty initially triggered our short trade and completed 2 targets doing 175 points.
For 08th Nov:
Sustaining above 43860 can move towards 43935 - 44030 - 44250, SL 43775
In the Previous Week:
Bank Nifty traded between our long and short trigger zone for the entire week and gave confirmed our long trade on Friday
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 43555 - 43705 to move towards its initial weekly long targets of 44110 - 44215.
Closing above 44215 Bank Nifty may move towards its last weekly long targets of 44565 - 44950
On the downside:
Bank Nifty has to sustain and close below its weekly support at 43080 - 42930 to move towards its initial weekly short targets of 42525 - 42425
Closing below 42425 Bank Nifty may move towards its last weekly short targets of 42070 - 41690
So far this week Bank Nifty broke our weekly resistance zone of 43555 - 43705 with a high of 43799.35 and closed at 43737.90 triggering our weekly long trade. The stoploss on closing basis for the weekly long trade is 43430.
Now in the coming session Bank Nifty sustaining above 43705 can move towards 44110 - 44215. On the downside Bank Nifty sustaining below 43615 can move towards 43450 - 43220
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Disclaimer: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor 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 decision
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