Bank Nifty Outlook for 22nd Feb

 In the previous session : 

Bank Nifty went up by 69 points then went down by 1002 points before closing lower by 745 points on Friday.

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 19th Feb :

Bank Nifty triggered our short trade and completed all targets and more doing 775 points

For 22nd Feb :

Sustaining above 36095 enter for 36195 - 36660 - 37320 , SL 35900

Sustaining below 35590 enter for 35485 - 35390 - 35025 , SL 35785

Now for this week :

Bank Nifty has immediate resistance near 36155 - 36510 and sustaining or closing above we can see a further move towards 36890 - 37030 zone

Bank Nifty has immediate support near 35525 - 35175 and sustaining or closing below that we can see a move towards 34790 - 34655 zone

As mentioned in the last daily post "Now since Bank Nifty has been sustaining below 37100 we have seen some selling and so far a low of 36367.45 . Now if Bank Nifty sustains below 36360 then we can see a further move towards 35850 - 35690 where it has its next support ." , and Bank Nifty made a low of 35584.60 . 

Caution was advised on entering fresh long positions near 37000 - 37500 and we saw Bank Nifty make a high of 37708.75 and reverse from there to make a low of 35584.60 till now falling by 2100 points.

Now Bank Nifty needs to give a strong or consecutive close above 37030 to regain strength .

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.