Short

Bank Nifty Technical Outlook - November 2024

Updated

Bank Nifty has fallen below the significant support level of **51,775**, remaining below this threshold for over 15 minutes. This suggests a potential continuation of bearish momentum in the short term. We are now focusing on the following key support levels:

1. **First Support Target - 51,325**
If the downtrend persists, Bank Nifty could initially test the support level at 51,325. This is the first major support point, where traders may look for signs of a pullback or further continuation of the downtrend. Sustained selling pressure at this level could lead to additional declines.

2. **Second Support Target - 50,925**
If Bank Nifty breaks below 51,325, it may extend its decline to the next support at 50,925. This is a critical level; a breach could indicate growing bearish sentiment and the potential for further declines.

3. **Final Support Target - 50,470**
Should the selling momentum remain strong, Bank Nifty could test the final support at 50,470. This level is crucial; breaking below it might signal a more significant market correction, adding further weight to the bearish trend.

### Stop Loss and Risk Management
- **Stop Loss**: An hourly close above **52,100** would invalidate this bearish setup and serve as a key level for risk management. Traders should exit short positions if Bank Nifty closes above this level on the hourly chart.

### Summary
- **Current Trend**: Bearish (below 51,775).
- **Targets**: 51,325, 50,925, and possibly 50,470.
- **Stop Loss**: Hourly close above 52,100.

Traders are encouraged to closely monitor volume and momentum at each support level to assess the strength of the downtrend and identify potential reversal signals. Maintaining strict risk management is essential, especially in a volatile environment.

Note

I booked my position.

Disclaimer: This is not a buy/sell recommendation. Shared only for Educational purpose.

Trade closed manually

Closed position due to volatility and non availability on my end.

tusharbedekar

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