In the previous session:
Bank Nifty went up by 225 points then went down by 178 points before closing higher by 136 points on Friday
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 10th Nov:
Bank Nifty initially triggered our short trade and completed 2 targets doing 100 points and then took our trailing stoploss. Post that Bank Nifty reversed to trigger our long trade and again completed 2 targets doing 100 points and exceeded it further by 50 points
For 13th Nov:
Sustaining above 44060 can move towards 44095 - 44140 - 44250, SL 44015
In the Previous Week:
Bank Nifty triggered our weekly long trade but did not complete any targets
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 43940 - 44010 to move towards its initial weekly long targets of 44215 - 44265.
Closing above 44265 Bank Nifty may move towards its last weekly long targets of 44440 - 44630
On the downside:
Bank Nifty has to sustain and close below its weekly support at 43700 - 43630 to move towards its initial weekly short targets of 43430 - 43375
Closing below 43375 Bank Nifty may move towards its last weekly short targets of 43200 - 43010
Today on Diwali Muhurat we have got a close within the weekly resistance zone of 43940 - 44010 after making a high of 44056. Lets wait for Mondays full session and see the close to decide if weekly long is getting triggered. Once triggered the closing basis stoploss for the weekly long trade would be 43880
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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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