Bank Nifty Outlook for 23rd Feb

  In the previous session : 

Bank Nifty went up by 287 points then went down by 744 points before closing lower by 584  points on Monday.

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 22nd Feb :

Bank Nifty initially triggered our long trade and took our stoploss . Post that Bank Nifty reversed to trigger our short trade and nearly completed all targets doing 775 points

For 23rd Feb :

Sustaining above 35520 enter for 35625 - 35725 - 36105 , SL 35320

Sustaining below 34995 enter for 34885 - 34790 - 34410 , SL 35195

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

So far this week Bank Nifty has triggered our shorts and completed the initial targets till 35175 and exceeded it with a low of 35097.55.

Now Bank Nifty needs to sustain or close below 35175 to correct further till 34790 - 34655 next and holding above 35175 we can see it recover and attempt to move towards 35525 - 35725 initially .

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 35097.55  till now falling by nearly 2500 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.