Bank Nifty Outlook for 09th Feb

 In the previous session : 

Bank Nifty went up by 812 points before closing higher by 330 points on Monday.

Bank Nifty made a new life time high of 36615.20 in this upmove from the lows of 16116.25 made on 24th March

On 08th Feb :

Bank Nifty triggered our long trade and did 430 points.

For 09th Feb :

Sustaining above 36365 enter for 36600 - 36865 - 37600 , SL 36100

Sustaining below 35605 enter for 35370 - 35100 - 34380 , SL 35870

Now for this week :

Bank Nifty has immediate resistance near 36275 - 36660 and sustaining or closing above we can see a further move towards 37725 - 37995 zone

Bank Nifty has immediate support near 35030 - 34650 and sustaining or closing below that we can see a move towards 33585 - 33315 zone

So far this week Bank Nifty has made a high of 36466.45 within our immediate resistance zone. Now it needs to break and sustain above 36660 for a further move towards 37725 - 37995.

Caution was advised on entering fresh long positions in the range of 35225 - 35740 zone since last week and even though Bank Nifty is sustaining above it the risk reward is not favourable to enter fresh longs here . 

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 36615.20 on 05th Feb 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 15159.90  on 08th Feb 2021 from the lows of 7511 made on 24th March 2020.

How to use these levels 

• Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

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  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.