BANK NIFTY
Important Levels for 04-11-2021 and 08-11-2021.
The index initially was stuck in a range and then we saw the bears gaining control and we saw a dip close to 600 points a retracement of 500 points and again a fall of 500 points making it quite volatile.
Now going forward, we can take shorts below 39400 with SL of 39470 for targets of 39300,39200 and 39060. If price continues to sustain below 38950, we can see fall till 38650.
If we see a gap up opening 39580-39640 will be a resistance zone and shorts can be taken here for initial target of 39420 and below. SL can be 50-60 points as per our entry.
Once we trade above 39700, risky traders can take longs with 39640 as SL for 39880 and 39950 as targets. SL h=has to be trailed aggressively in this case.
The index initially was stuck in a range and then we saw the bears gaining control and we saw a dip close to 600 points a retracement of 500 points and again a fall of 500 points making it quite volatile.
Now going forward, we can take shorts below 39400 with SL of 39470 for targets of 39300,39200 and 39060. If price continues to sustain below 38950, we can see fall till 38650.
If we see a gap up opening 39580-39640 will be a resistance zone and shorts can be taken here for initial target of 39420 and below. SL can be 50-60 points as per our entry.
Once we trade above 39700, risky traders can take longs with 39640 as SL for 39880 and 39950 as targets. SL h=has to be trailed aggressively in this case.
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