BANK NIFTY
Important Levels for 19-11-2021.
Bank Nifty showed less weakness than Nifty and there was no significant movement here. We did make a new low and closed a good 200 points above it but the volumes were not that great to think otherwise. The lows can act as a minor support and we can expect some volatility here.
So, if we see a flat opening, a risky trade can shorts immediately below 38000 with SL of 38080. The targets can be 37900,38820,37750 and 37650. Safe bets shall be to take trades below 37800 for mentioned targets with SL of 37880.
If we open with a gap up, the expected resistance area can be 38120-38240 and any negative candle with volumes can be our entry for shorts with SL of 60 points and targets as mentioned above, The SL has to be trailed aggressively in this case.
If we see a gap down, we wait for the price action to develop and then take trades.
Option data indicates 38000 to be major resistance.
Bank Nifty showed less weakness than Nifty and there was no significant movement here. We did make a new low and closed a good 200 points above it but the volumes were not that great to think otherwise. The lows can act as a minor support and we can expect some volatility here.
So, if we see a flat opening, a risky trade can shorts immediately below 38000 with SL of 38080. The targets can be 37900,38820,37750 and 37650. Safe bets shall be to take trades below 37800 for mentioned targets with SL of 37880.
If we open with a gap up, the expected resistance area can be 38120-38240 and any negative candle with volumes can be our entry for shorts with SL of 60 points and targets as mentioned above, The SL has to be trailed aggressively in this case.
If we see a gap down, we wait for the price action to develop and then take trades.
Option data indicates 38000 to be major resistance.
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