Bank Nifty Spot Technical view – Daily cum Weekly_15.11.2021

By a staff reporter: 

BANK NIFTY week to week basis more than 2% or 840 points down. Last cl 38733.

Bank Nifty has corrected 3483 points in 15 trading sessions and formed an INSIDE bar pattern on Friday. Day to day basis up 173 points. As per daily chart after 6 days consecutive fall 1st day green closing with small bullish hammer type candle supported by 50 dma 38300.

Weekly low 38350 & weekly high 39675. We may expect some big move in Bank Nifty.

On the upside intraday basis:- Bulls need to move above 38822 for a move towards 39080 & then 39165, Subject to hold 38636. Major 39220 & 39350.

On the down side intraday basis :- Bears need to break 38636 for a move towards 38500 & 38350.

Positional basis On the upside :- Major hurdle 39700. Only above 39700 (20 dma ) more upswing possible towards 40088-40500, subject to hold below 38300 closing basis.

Positional basis On the Down side:- Below 38300 Bears aim to test 38000--37800/37500.

Source : Eureka

Please register at https://kyc.eurekasecurities.net/home/index/729 for opening Trading and Demat Account.