Bank Nifty Outlook for 03rd Feb

 In the previous session :  

Bank Nifty went up by 881 points before closing higher by 825 points on Wednesday.

Bank Nifty made a new life time high of 41829.60 in this upmove from the lows of 16116.25 made on 24th March

On 02nd Feb :

Bank Nifty triggered our long trade with a big gap up and completed all targets and more doing 600+ points. 

For 03rd Feb :

Sustaining above 39525 enter for 39640 - 39780 - 40140 , SL 39390

Sustaining below 39140 enter for 39020 - 38880 - 38520 , SL 39270

Now for this week :

Bank Nifty has to break and sustain above 37930 - 38070 where it has its initial resistance for a  move towards next targets of 38470 - 38570 . Sustaining or closing above 38570 Bank Nifty can move towards further targets of 38915 - 39295. 

Bank Nifty has to break and sustain below 37455 - 37310 where it has its initial support for a move towards next targets of 36910 - 36800 . Sustaining or closing below 36800 Bank Nifty can move towards further targets of 36460 - 36080 .  

So far this week Bank Nifty made a high of 39386.60 completing all expected targets till 38915 - 39295 . Now in the coming session Bank Nifty sustaining above 39300 can move towards 39525 - 39800 . On the downside Bank Nifty has immediate support at 39000 - 38900 now and on breaking below it we can see it move towards 38600 - 38500 .  

As mentioned earlier "Bank Nifty has to give a consecutive close above 35970 to expect a further bounce ", and Bank Nifty after giving a consecutive close went up and made a high of 38855.55 doing around 2900 points. Post that Bank Nifty has reversed to make a low of 36375.35. 

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 41829.60 on 25th Oct 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 18604.45 on 19th Oct 2021 from the lows of 7511 made on 24th March 2020.

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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.