Bank Nifty Outlook for 07th Feb

 In the previous session:  

Bank Nifty went up by 225 points then went down by 238 points before closing lower by 125 points on Monday

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 06th Feb:

Bank Nifty traded between our long and short trigger point and did not signal a trade on either side.

For 07th Feb

Sustaining above 41620 enter for 41760 - 41930 - 42380, SL 41450

Sustaining below 41140 enter for 40990 - 40820 - 40370, SL 41300

In the Previous Week: 

Bank Nifty broke below our weekly support multiple times but failed to give a close below it and on Friday gave a close above our weekly resistance zone.

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 41900 - 42150 for a move towards initial long targets of 42830 - 43010. 

Sustaining or closing above 43010 Bank Nifty may move towards next long targets of 43600 - 44240

On the downside:

Bank Nifty has to sustain and close below its immediate support at 41100 - 40850 for a move towards initial short targets of 40170 - 39990. 

Sustaining or closing below 39990 Bank Nifty may move towards next short targets of 39410 - 38760

Bank Nifty made a high of 41724.50 and a low of 41261.20 well with the weekly resistance and weekly support zone.

Now in the coming session Bank Nifty breaking and sustaining below 41140 can move towards 40850 - 40800 zone initially. On the upside Bank Nifty has to break and sustain above 41750 can move towards 41900 - 42150 zone.

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.