Thursday 3 February 2022

Bank Nifty Outlook for 04th Feb

 In the previous session :  


Bank Nifty went up by 94 points then went down by 469 points before closing lower by 320 points on Thursday.


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 03rd Feb :

Bank Nifty triggered our short trade and completed 2 targets doing 275 points. 

For 04th Feb :

Sustaining above 39205 enter for 39325 - 39465 - 39835 , SL 39070

Sustaining below 38815 enter for 38695 - 38555 - 38190 , SL 38950

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 39424.85 completing all expected targets till 38915 - 39295 . Post that in todays session Bank Nifty reversed to make a low of 38861.15 and closes at 39010 within the immediate support of 39000 - 38900 .Now in the coming session Bank Nifty has to sustain above 39000 for a move back towards 39300 whereas breaking and sustaining below 38900 we may see a move towards 38570 - 38470 next . 

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.

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours .                              


To receive this post daily in your inbox, kindly register by adding your email id in 6 the 'Subscribe to my posts' section on the top right side of the blog.


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.  

No comments:

Post a Comment