Bank Nifty Outlook for 01st Feb

 In the previous session:  

Bank Nifty went down by 220 points then went down by 424 points before closing higher by 267 points on Tuesday

Bank Nifty made a new lifetime high of 44151.80 on 14th Dec 2022 from the lows of 16116.25 made on 25th March 2020

On 31st Jan:

Bank Nifty triggered our long trade and almost completed 2 targets doing 200 points

For 01st Feb

Sustaining above 40870 enter for 41000 - 41150 - 41550, SL 40720

Sustaining below 40440 enter for 40310 - 40160 - 39760, SL 40590

In the Previous Week: 

Bank Nifty triggered our short trade and completed all targets till 41380 and exceeded it with a low of 40148.80

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 40680 - 40880 for a move towards initial long targets of 41450 - 41590. 

Sustaining or closing above 41590 Bank Nifty may move towards next long targets of 42070 - 42600

On the downside:

Bank Nifty has to sustain and close below its immediate support at 40020 - 39810 for a move towards initial short targets of 39240 - 39100. 

Sustaining or closing below 39100 Bank Nifty may move towards next short targets of 38620 - 38100

So far this week Bank Nifty has made a low of 39419.80 breaking below our weekly support zone of 40020 - 39810 and bounced back to make a high of 40811.65 testing our immediate resistance zone of 40680 - 40880 and closed at 40655.05

Now in the coming session Bank Nifty has to break and sustain above 40880 to move towards 41450 - 41590. On the downside Bank Nifty has immediate support at 40020 - 39810 and has to break and sustain below it to move towards 39240 - 39100. 

In case 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 44151.80 on 14th Dec 2022 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 18887.60 on 01st Dec 2022 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: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor 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.