BANK NIFTY
Important levels for 18/11/2022.
It seems big players are on a holiday mode as we witness another inside day with low volumes. We tested the upper seller reference zone and saw a sell off but we closed well above the buyer reference zone. So it can be assumed that the buyers are not interested to buy at higher levels but are doing a good job defending old buyer reference zones.
In the fall that we saw in the last hour, although the high made was 42660, big volumes came in at 42540 levels as per orderflow. So tomorrow if we open flat and move above 42540 we can again see the price reaching 42636-42660 levels.
Similarly, if we open flat and see price getting rejected at 42540 and sellers coming in, then we can short with SL at 42600 for initial targets of 42423 followed by the buyer reference zone @ 42279-42336. Price sustaining below these references can also test old buyer references of 42141-42175.
It seems big players are on a holiday mode as we witness another inside day with low volumes. We tested the upper seller reference zone and saw a sell off but we closed well above the buyer reference zone. So it can be assumed that the buyers are not interested to buy at higher levels but are doing a good job defending old buyer reference zones.
In the fall that we saw in the last hour, although the high made was 42660, big volumes came in at 42540 levels as per orderflow. So tomorrow if we open flat and move above 42540 we can again see the price reaching 42636-42660 levels.
Similarly, if we open flat and see price getting rejected at 42540 and sellers coming in, then we can short with SL at 42600 for initial targets of 42423 followed by the buyer reference zone @ 42279-42336. Price sustaining below these references can also test old buyer references of 42141-42175.
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