Bank Nifty Outlook for 16th Feb

 In the previous session :  

Bank Nifty went down by 256 points then went up by 1323 points before closing higher by 1261 points on Tuesday.

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 15th Feb :

Bank Nifty triggered our long trade and completed all targets and more doing 1061 points .

For 16th Feb :

Sustaining above 38475 enter for 38660 - 38880 - 39450 , SL 38260

Sustaining below 37865 enter for 37680 - 37460 - 36890 , SL 38080

Now for this week :

Bank Nifty has to break and sustain above 38850 - 39050 where it has its initial resistance for a  move towards next targets of 39600 - 39750 . Sustaining or closing above 39750 Bank Nifty can move towards further targets of 40220 - 40750. 

Bank Nifty has to break and sustain below 38190 - 37990 where it has its initial support for a move towards next targets of 37440 - 37290 . Sustaining or closing below 37290 Bank Nifty can move towards further targets of 36820 - 36300 .  

So far this week Bank Nifty has made a low of 36651.85 testing our third target zone of 36820 - 36300 almost completing all targets on the short side . Post that Bank Nifty reversed sharply to make a high of 38231.60 nearly recovering 1500 pts . Now in the coming session Bank Nifty has to sustain above 38475 to move towards 38850 - 39050 . On the downside Bank Nifty has immediate support at 37870 - 37770 and breaking and sustaining below it we may see a move towards 37450 - 37300 again. 

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.