Bank Nifty Analysis for 18/11/2024
After a long weekend, global cues are not favorable. The Dow Jones has dropped over 500 points, and GIFT Nifty is down by nearly 200 points. Adding to this, FIIs have been consistently shorting the Indian market. Considering these factors, I expect Bank Nifty to open gapdown.
Key Level for the Week: 50250
Support Levels
50000, 49850, 49600
Resistance Levels
50250, 50460, 50600
Trade Plan
1️⃣ Gapdown Opening:
If Bank Nifty takes support at 50000 and sustains above it, I will plan a long trade targeting 50250, with a stoploss at 49850.
If 49850 breaks, I will immediately switch to a short trade targeting 49600 and lower levels.
2️⃣ Flat or Slight Gap-Up Opening:
If Bank Nifty opens near 50250, I will look for a short trade targeting 50000.
If it sustains above 50250, it could trigger short-covering, and I will go long targeting 50460/50600 and higher levels.
💡 Note: These levels are calculated with precision. Plot them on your chart for clarity.
📌 Live Chart:
I’ll share the link of my TradingView chart in the comments section. Click on it to view my planned levels and setup directly.
