Bank Nifty Outlook for 04th Feb

 In the previous session : 

Bank Nifty went down by 256 points then went up by 640 points before closing higher by 490 points on Wednesday.

Bank Nifty made a new life time high of 34908.05 in this upmove from the lows of 16116.25 made on 24th March

On 03rd Feb :

Bank Nifty triggered our long trade but did not complete any targets

For 04th Feb :

Sustaining above 35190 enter for 35450 - 35755 - 36570 , SL 34890

Sustaining below 34330 enter for 34065 - 33765 - 32950 , SL 34630

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 34908.05 and now Bank Nifty needs to sustain or close above 34820 for a further upmove towards 35225 - 35740 in the coming sessions.

Caution is advised on entering fresh long positions in the index on further moves towards 35225 - 35740 zone 

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 34908.05 on 03rd Feb 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 14868.85  on 03rd Feb 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.