Tuesday 2 February 2021

Bank Nifty Outlook for 03rd Feb

 In the previous session : 

Bank Nifty went up by 1563 points before closing higher by 1179 points on Tuesday on the back of a historic budget announcements


Bank Nifty made a new life time high of 34652.50 in this upmove from the lows of 16116.25 made on 24th March


On 02nd Feb :

Bank Nifty triggered our long trade with a gap up and nearly completed all daily still doing 1050 points


For 03rd Feb :

Sustaining above 34690 enter for 34950 - 35245 - 36050 , SL 34395

Sustaining below 33840 enter for 33585 - 33290 - 32490 , SL 34140



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 34652.50 and completed all our expected targets on the back of a unprecedented historic budget .

Now Bank Nifty needs to sustain or close above 34820 for a further upmove towards 35225 - 35740 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 34652.50 on 02nd 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. 


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