Bank Nifty Outlook for 03rd Feb

 In the previous session:  

Bank Nifty went down by 751 points then went up by 245 points before closing higher by 156 points on Thursday

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 02nd Feb:

Bank Nifty triggered our short trade with a gap down below our 2nd target and did not give a trade. Post that Bank Nifty reversed but traded sideways till close 

For 03rd Feb

Sustaining above 40880 enter for 41010 - 41160 - 41550, SL 40735

Sustaining below 40460 enter for 40330 - 40180 - 39780, SL 40605

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 42015.65 almost reaching our last weekly long target zone of 42070 - 42600 on sustaining above 40800 and reversed sharply to correct back till 39490.50 again breaking below our immediate support zone of 40020 - 39810 and recovered to close today at 40669.30.

Now in the coming session Bank Nifty has immediate resistance at 40680 - 40880 and has to break and sustain above it to move again 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.

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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.