Bank Nifty Outlook for 01st Feb

 In the previous session : 

Bank Nifty went down by 104 points then went up by 754 points before closing higher by 207 points on Friday

Bank Nifty made a new life time high of 32842.30 in this upmove from the lows of 16116.25 made on 24th March

On 29th Jan :

Bank Nifty triggered our long trade and completed all target doing 560 points

For 01st Feb :

Sustaining above 30755 enter for 30870 - 31005 - 31365 , SL 30625

Sustaining below 30375 enter for 30260 - 30125 - 29770 , SL 30510

Now for this week :

Bank Nifty has immediate resistance near 30875 - 31070 and sustaining or closing above we can see a further move towards 31590 - 31725 zone

Bank Nifty has immediate support near 30260 - 30060 and sustaining or closing below that we can see a move towards 29540 - 29400 zone

We have the budget on 01st Feb and markets can be volatile . Its better to wait for the announcements to be completed and then to enter a trade as per levels.

Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .

Bank Nifty has now made a high of 32842.30 on 21st Jan 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 14753.55  on 21st Jan 2021 from the lows of 7511 made on 24th March 2020.

How to use these levels 

• Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.