Bank Nifty Update

Bank Nifty Update. As on Mon 22 Nov 2021. CMP 37,070. Posted at 2 pm.

Bottom line : Price has touched reasonably strong support.  A bounce is due.

Price has reached the lower half of the 4th wave of prior degree at 37,000.  There are multiple support levels in this area of 36,900 ~ 37,100.  It is too early to say what pattern will unfold, but a bounce to above 38,000 from current levels is a possibility.

Intermediate term target remains the 33,000 level.