Bank Nifty Outlook for 02nd Feb

 In the previous session : 

Bank Nifty went up by 2740 points before closing higher by 2524 points on Monday on the back of a historic budget announcements

Bank Nifty made a new life time high of 33305.30 in this upmove from the lows of 16116.25 made on 24th March

On 01st Feb :

Bank Nifty triggered our long trade and completed all daily as well as expected weekly long targets doing 2550 points

For 02nd Feb :

Sustaining above 33480 enter for 33720 - 34000 - 34740 , SL 33210

Sustaining below 32700 enter for 32460 - 32180 - 31435 , SL 32970

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

So far this week Bank Nifty made a high of 33305.30 on the back of a unprecedented historic budget .

Now Bank Nifty needs to sustain or close above 33200 for a further upmove towards 33785 - 34380 in the coming sessions 

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 33305.30 on 01st Feb 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.