In the previous session :
Bank Nifty went down by 519 points then went up by 655 points before closing higher by 586 points on Thursday.
Bank Nifty made a new life time high of 35413.15 in this upmove from the lows of 16116.25 made on 24th March
On 04th Feb :
Bank Nifty initially triggered our short trade and took our stoploss . Post that Bank Nify triggered our long trade and barely completed just 1 target.
For 05th Feb :
Sustaining above 35775 enter for 36035 - 36340 - 37155 , SL 35475
So far this week Bank Nifty made a high of 35413.15 reaching our next zone of 35225 - 35740 on sustaining above 34820 .
Caution is advised on entering fresh long positions in the index on further moves towards in this range of 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 35413.15 on 04th Feb 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 14913.70 on 04th 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.
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