Bank Nifty Outlook for 08th Feb

 In the previous session:  

Bank Nifty went up by 256 points then went down by 279 points before closing higher by 116 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 07th Feb:

Bank Nifty traded triggered our short trade but did not complete any target and traded sideways

For 08th Feb

Sustaining above 41730 enter for 41880 - 42050 - 42510, SL 41565

Sustaining below 41250 enter for 41100 - 40930 - 40480, SL 41415

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

So far this week Bank Nifty made a high of 41724.50 and a low of 41095.10 trading between the weekly resistance and weekly support zone.

Now in the coming session Bank Nifty has immediate support at 41100 - 40850 which it needs to break and sustain below for a move towards 40170 - 39990. On the upside Bank Nifty has to break and sustain above 41750 to move towards 41900 - 42150 zone initially and sustaining above 42150 can move towards 42830 - 43010.

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.