Bank Nifty Outlook for 08th Feb

 In the previous session : 

Bank Nifty went up by 1270 points before closing higher by 310 points on Friday.

Bank Nifty made a new life time high of 36615.20 in this upmove from the lows of 16116.25 made on 24th March

On 05th Feb :

Bank Nifty triggered our long trade with a gap up above our 2nd target and did not give a chance to enter a trade . 

For 08th Feb :

Sustaining above 36035 enter for 36270 - 36540 - 37270 , SL 35770

Sustaining below 35275 enter for 35040 - 34770 - 34045 , SL 35540

Now for this week :

Bank Nifty has immediate resistance near 36275 - 36660 and sustaining or closing above we can see a further move towards 37725 - 37995 zone

Bank Nifty has immediate support near 35030 - 34650 and sustaining or closing below that we can see a move towards 33585 - 33315 zone

Caution advised on entering fresh long positions in the range of 35225 - 35740 zone since the past 2 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 36615.20 on 05th Feb 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 15014.65  on 05th 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.