Bank Nifty Outlook for 26th Feb

 In the previous session : 

Bank Nifty went up by 780 points before closing higher by 97 points on Thursday.

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 25th Feb :

Bank Nifty triggered our long trade and completed 2 targets and more doing 427 points

For 26th Feb :

Sustaining above 36900 enter for 37040 - 37170 - 37680 , SL 36630

Sustaining below 36200 enter for 36060 - 35925 - 35420 , SL 36470

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 34976

As mentioned in the previous update "Now Bank Nifty needs to sustain above 36510 as per weekly levels to make a move towards 36890 - 37030 next ." , and we saw Bank Nifty make a high of 37232.20 on sustaining above 36510.

Now Bank Nifty needs to break and sustain above 37265 for a further upmove towards 37500 - 37700 levels and failing to do so we can see some corretion towards 36155 - 35925 levels 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 34976  till now falling 2500 points.

Post that caution was advised on staying short and we saw a bounce from 34976 till 37232.20 so far rising nearly 2300 points .

Now Bank Nifty needs to give a strong or consecutive close above 37265 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.