Wednesday 2 March 2022

Bank Nifty Outlook for 03rd Mar

 In the previous session :  


Bank Nifty went down by 1308 points before closing lower by 832 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 Mar :

Bank Nifty triggered our short trade with a big gap down below our 2nd targets and fell further by 485 points completing all our targets for the day . 

For 03rd Mar :

Sustaining above 35690 enter for 35885 - 36110 - 36710 , SL 35470

Sustaining below 35050 enter for 34865 - 34635 - 34035 , SL 35275


Now for this week :

Bank Nifty has to break and sustain above 37020 - 37390 where it has its initial resistance for a  move towards next targets of 38390 - 38650 . Sustaining or closing above 38650 Bank Nifty can move towards further targets of 39500 - 40460. 

Bank Nifty has to break and sustain below 35845 - 35475 where it has its initial support for a move towards next targets of 34470 - 34215 . Sustaining or closing below 34215 Bank Nifty can move towards further targets of 33350 - 32400 .  

So far this week Bank Nifty made a low of 34897.45 breaking below our initial support zone and also closed below it at 35372.80 . Now in the coming session Bank Nifty has immediate resistance at 35475 - 35845 on the upside which it needs to break and sustain above for a further move and immediate support at 34470 - 34215 on the downside which it needs to break and sustain below for a further move. This gives a small range of 34215 - 35845 .


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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