Get businessline apps on
Connect with us
TO ENJOY ADDITIONAL BENEFITS
Connect With Us
Get BusinessLine apps on
Comments
READ LATER
Bank Nifty November futures (43,690)
The Bank Nifty index is trading lower at 43,540, down 0.35 per cent. The advances/ declines ratio is at 5:7, which indicates broad weakness in the index.
On the charts, the picture is weak. The Bank Nifty index has failed to rise past 43,800 and has been coming down. The outlook is bearish to see a fall to 43,250-43,150 in the coming sessions.
The Bank Nifty November futures (43,690) is down 0.23 per cent. Strong resistance is at 43,900. The outlook is bearish to see a fall to 43,550-43,500. A break below 43,500 can drag the contract further lower to 43,200 in the coming sessions.
The downside pressure will ease only if the Bank Nifty futures contract moves above 43,900. In that case, a rise to 44,000 can be seen. However, to turn the outlook bullish, the contract has to breach 44,000 decisively.
Traders can go short now. Accumulate on a rise to 43,780. Keep a stop-loss at 43,840. Trail the stop-loss down to 43,760 as soon as the contract falls to 43,710. Move the stop-loss further lower to 43,660 when the contract touches 43,610 on the downside. Exit the short positions at 43,520.
Supports: 43,500, 43,200
Resistances: 43,900, 44,000
Comments
BACK TO TOP
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.
Bank Nifty prediction today – November 22, 2023: Bearish. Go short now – BusinessLine
Leave a comment