We are in the process of forming a strong base for tomorrow’s trade. The market has closed well above our support zone, which gives us confidence that it will continue to move higher. As such, we recommend buying Bank Nifty.

Bank Nifty Tips for Tomorrow

If the market opens up with positive momentum, it is advised that you should buy Bank Nifty.

On dips, if Bank Nifty opens up above 42370 and stays there for some time then go long on your stop loss and the target will be at around 42550 or even higher depending upon how much support bank nifty has managed to hold on its upside move from 10 months high.

It is best to keep a target of 42550 in mind when placing your stop loss order for this trade as it may not be possible for Bank Nifty to break through all these levels but if it manages to do so then the 42711 level will become an important resistance level in coming days/weeks!

Another perspective of BankNifty Spot View For 16/11/2022
Cmp: 42372.70
Support & Downside Range: 42250—41918--41600
Resistance & Upside Range: 42475—42600--42980
Short-Term Trend Reversal Level: -- 41000

Trading View: Intraday trading bias remains strong till the bank index trading above 42250 spot levels and in such case, it may try upside towards the minimum 42475—42600 spot zone and max 42980 whereas break and sustain below 42250 bank index may start cooling off and profit booking dip may start which may lead bank index towards 41918—41600 spot zone.

If there is a negative movement in the market, it is recommended to buy Bank Nifty on dips.

If there is a negative movement in the market, it is recommended to buy Bank Nifty on dips. The reason for this is that when your stock falls below its opening price or a particular level, you can buy it at that point and use your stop loss as a protective measure against further losses.

The best way to do this is by placing a target in mind so that you know how much money you want to make with each trade. For instance, if I were going out tomorrow with my friends on an outing and we were planning on spending Rs 1500 per person (which would include food), then I would set my target at Rs 1000 per person (this assumes that everyone buys something). If during our trip someone buys something worth more than what we spent together then they win while everyone else loses money; however, if they don't get anything then none of us wins anything either!

The bank nifty index has had a strong run since its low and we expect it to continue moving higher over the next few weeks as investors get back into banking stocks following the correction that took place during January 2020-2021. We expect FIIs to come back to the Indian market as they will have a fear of missing out (FOMO). Please remember to make use of our daily Bank Nifty Tips for Tomorrow and be in league with those traders who make money in the market.

Be sure to follow these rules when buying Bank Nifty tomorrow.

• Buy Bank Nifty on dips
• Use the support of 42250 to place the long trade
• Keep a target of 42550-42700

Conclusion

The advice is simple: if the market opens up with positive momentum, it is recommended that you should buy Bank Nifty. If there is a negative movement in the market, it is recommended to buy Bank Nifty on dips. Use the support of 42250 to place long trade and stop loss should be placed below 41918 It is best to keep a target of 42550-42700. Keep an eye on bank nifty Put call ratio (PCR) and if it closes above 1.5 then you should be extremely cautious as it will be extreme over bought position and you should look to lighten your positions.

Update

Today we touched 52 weeks high of Nifty and Bank Nifty respectively

Nifty  18442.15

Bank Nifty 42611 75