Monday 7 February 2022

Bank Nifty Outlook for 08th Feb

 In the previous session :  


Bank Nifty went up by 48 points then went down by 986 points before closing lower by 794 points on Monday.


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 07th Feb :

Bank Nifty triggered our short trade and completed all targets and more doing 790 points. 

For 08th Feb :

Sustaining above 38190 enter for 38315 - 38455 - 38830 , SL 38055

Sustaining below 37800 enter for 37675 - 37535 - 37160 , SL 37935

Now for this week :

Bank Nifty has to break and sustain above 39100 - 39300 where it has its initial resistance for a  move towards next targets of 39830 - 39970 . Sustaining or closing above 39970 Bank Nifty can move towards further targets of 40425 - 40930. 

Bank Nifty has to break and sustain below 38475 - 38285 where it has its initial support for a move towards next targets of 37750 - 37615 . Sustaining or closing below 37615 Bank Nifty can move towards further targets of 37155 - 36650 .  

So far this week Bank Nifty made a low of 37802.70 nearly testing our next weekly short target zone of 37750 - 37615 . Now in the coming session Bank Nifty has immediate resistance at 38285 - 38475 on the upside and needs to break and sustain above this zone to move up further. As long as Bank Nifty is sustaining below 38285 we may see it move towards 37750 - 37615 initially and sustaining below 37615 we may see a further move towards 37155 - 36650.



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.  

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