Bank Nifty Leave for next week - Break the ATH ?
The last all-time high in bank nifty was 41880 levels and we broke these levels and hit a High of 42440 levels.
AS ALWAYS we will analyze the bank nifty levels for the last week and find out the levels for next week for our accurate trades.
This is bank nifty chart on the fifteen minutes time frame. On 7 November we opened gap up at 41800 levels. As shared earlier in the last video also, we had a strong resistance at 41,800 levels and bank nifty got rejected from the same levels again and we hit a intraday low of 41485 levels which was a zone of demand and then bulls became active and we saw a buying in the market and we made V shape recovery and closed near the day high. Here we had traded of 41,800 call option for BTST and also 41,500 call option for intraday trade.
Now friends this time I am purposely analyzing the charts on the lower time frame which I use for trading. Please remember, the lines of support and resistance what you see have been drawn as per the teachings of king sir on a higher time frame. So, all our levels are derived from higher time frame and then we trade on a lower time frame to enter or exit trades.
Thereafter, on 09 November we had opened gap up and remained range bound throughout the session between 42,000 and 41800 levels. On 10 November bank nifty gave a gap down open and again we recovered from the day low. Now friends see from here only we reversed from the same low made on 07 November which was 41480 levels. And the bulls had shown a strong buy momentum on the charts and again we made another recovery from the day’s low and closed near the day high for the second time in a week.
Now what do you understand from all this? Friends I am trying to convey a point here. If you notice clearly that bank nifty formed at zone of strong support at 41,480 levels and repeated these levels twice and bulls we getting into buying mode whenever we hit these levels last week. Now from here you come to know about the big players money was at stake and the smart money was doing all the buying at these levels.
After a very positive global cues and better inflation numbers posted by USA we saw the global markets triggering a buying and closed on the positive note. Taking cue from the global markets, we saw a positive trend in the markets and we gave a gap up open on Friday and thereafter we broke the zone of the strong resistance at 41,800 levels and made an all-time high in bank nifty
Now let’s analyze what will be our trading levels for the next week. Now the zone of resistance will be at 42,450 levels. I will only enter long trades above these levels and I will be very cautious for the markets to break these zones of resistance or the all-time high which we have made now. Also considering the gap theory of technical analysis I feel this is an exhaustion gap for the markets.
Now I will keep my eyes on the global scenario and I feel that the United States inflation has peaked out last two months and better inflation numbers may induce buying. So I will enter long only above 42400 levels for the target of 43,300 and 44,000 levels by November end.
For long trades I will keep my stop loss at 42400 levels. A good buying and bullish momentum in hdfc bank and state bank of India can induce higher levels in bank nifty. But I will stay cautious and keep stop loss as told.
I will maintain a bullish view till we sustain above 42,000 levels in bank nifty and we can see some consolidation at these levels and maybe markets will remain range bound over the next few days of the week.
Friends, I will keep a bearish view of the markets only below 42,000 levels. The target for my bearish view will be 41,800 levels as my first target and 41,700 as my second target. The stop loss for my bearish trades will be any closing above 42,000 on daily closing basis.
AS ALWAYS we will analyze the bank nifty levels for the last week and find out the levels for next week for our accurate trades.
This is bank nifty chart on the fifteen minutes time frame. On 7 November we opened gap up at 41800 levels. As shared earlier in the last video also, we had a strong resistance at 41,800 levels and bank nifty got rejected from the same levels again and we hit a intraday low of 41485 levels which was a zone of demand and then bulls became active and we saw a buying in the market and we made V shape recovery and closed near the day high. Here we had traded of 41,800 call option for BTST and also 41,500 call option for intraday trade.
Now friends this time I am purposely analyzing the charts on the lower time frame which I use for trading. Please remember, the lines of support and resistance what you see have been drawn as per the teachings of king sir on a higher time frame. So, all our levels are derived from higher time frame and then we trade on a lower time frame to enter or exit trades.
Thereafter, on 09 November we had opened gap up and remained range bound throughout the session between 42,000 and 41800 levels. On 10 November bank nifty gave a gap down open and again we recovered from the day low. Now friends see from here only we reversed from the same low made on 07 November which was 41480 levels. And the bulls had shown a strong buy momentum on the charts and again we made another recovery from the day’s low and closed near the day high for the second time in a week.
Now what do you understand from all this? Friends I am trying to convey a point here. If you notice clearly that bank nifty formed at zone of strong support at 41,480 levels and repeated these levels twice and bulls we getting into buying mode whenever we hit these levels last week. Now from here you come to know about the big players money was at stake and the smart money was doing all the buying at these levels.
After a very positive global cues and better inflation numbers posted by USA we saw the global markets triggering a buying and closed on the positive note. Taking cue from the global markets, we saw a positive trend in the markets and we gave a gap up open on Friday and thereafter we broke the zone of the strong resistance at 41,800 levels and made an all-time high in bank nifty
Now let’s analyze what will be our trading levels for the next week. Now the zone of resistance will be at 42,450 levels. I will only enter long trades above these levels and I will be very cautious for the markets to break these zones of resistance or the all-time high which we have made now. Also considering the gap theory of technical analysis I feel this is an exhaustion gap for the markets.
Now I will keep my eyes on the global scenario and I feel that the United States inflation has peaked out last two months and better inflation numbers may induce buying. So I will enter long only above 42400 levels for the target of 43,300 and 44,000 levels by November end.
For long trades I will keep my stop loss at 42400 levels. A good buying and bullish momentum in hdfc bank and state bank of India can induce higher levels in bank nifty. But I will stay cautious and keep stop loss as told.
I will maintain a bullish view till we sustain above 42,000 levels in bank nifty and we can see some consolidation at these levels and maybe markets will remain range bound over the next few days of the week.
Friends, I will keep a bearish view of the markets only below 42,000 levels. The target for my bearish view will be 41,800 levels as my first target and 41,700 as my second target. The stop loss for my bearish trades will be any closing above 42,000 on daily closing basis.
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