Bank Nifty Outlook for 17th Feb

 In the previous session : 

Bank Nifty went up by 402 points then went down by 544 points before closing lower by 208 points on Tuesday.

Bank Nifty made a new life time high of 37708.75 in this upmove from the lows of 16116.25 made on 24th March

On 16th Feb :

Bank Nifty triggered our long trade and completed 2 targets doing 200 points . Post that Bank Nifty reversed to trigger our short trade and nearly completed all targets doing 350+ points

For 17th Feb :

Sustaining above 37265 enter for 37365 - 37485 - 37800 , SL 37150

Sustaining below 36930 enter for 36830 - 36710 - 36400 , SL 37050

Now for this week :

Bank Nifty has immediate resistance near 36370 - 36530 and sustaining or closing above we can see a further move towards 36970 - 37085 zone

Bank Nifty has immediate support near 35850 - 35690 and sustaining or closing below that we can see a move towards 35250 - 35135 zone

So far this week Bank Nifty has made a high of 37708.75 after breaking and sustaining above 36530 . We were expecting a bigger move above 36530 and got a 1200 points move . 

Now as mentioned in the previous post that Bank Nifty needs to hold above 37100 on dips for a further move towards 37670 - 37880 - 38400 but today Bank Nifty has given a borderline close at 37098.40 .

Caution advised on entering fresh long positions from here on further upmoves . We were expecting a move till 37000 - 37500 above 36660 and we saw a high of 37708.75 exceeding it . Can expect some resistance near 38400 - 39250 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 37708.75 on 16th Feb 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 15431.75  on 16th 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.