Bank Nifty Outlook for 16th Feb

  In the previous session:  

Bank Nifty went down by 192 points then went up by 147 points before closing higher by 82 points on Wednesday

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 15th Feb:

Bank Nifty initially triggered our short trade and completed just 1 target and took our trailing stoploss. Post that Bank Nifty reversed to test our long trigger in the last 15 mins of trade but did not confirm.

For 16th Feb

Sustaining above 41850 enter for 41920 - 42000 - 42220, SL 41765

Sustaining below 41610 enter for 41545 - 41460 - 41240, SL 41695

In the Previous Week: 

Bank Nifty traded between our weekly support and resistance zone and did not give a trade on either side.

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 41735 - 41845 for a move towards initial long targets of 42140 - 42220. 

Sustaining or closing above 42220 Bank Nifty may move towards next long targets of 42470 - 42750

On the downside:

Bank Nifty has to sustain and close below its immediate support at 41385 - 41275 for a move towards initial short targets of 40980 - 40900. 

Sustaining or closing below 40900 Bank Nifty may move towards next short targets of 40645 - 40365

So far this week Bank Nifty made a low of 41157.90 breaking below our weekly support zone of 41385 - 41275 and today bounced back sharply to make a high of 41795.45 testing our weekly resistance zone of 41735 - 41845 and closed at 41731.05

Now in the coming session Bank Nifty has to break and sustain above 41850 for a move towards 42140 - 42220. On the downside Bank Nifty has immediate support at 41450 - 41380 zone which it needs to break and sustain below for a move towards 41200 - 41000. 

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.