Bank Nifty Outlook for 20th Feb

 In the previous session:  

Bank Nifty went down by 748 points before closing lower by 499 points on Friday

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 17th Feb:

Bank Nifty triggered our short trade with a gap down near our 1st target and fell further to complete all our targets and more doing 600 points

For 20th Feb

Sustaining above 41220 enter for 41275 - 41340 - 41500, SL 41160

Sustaining below 41045 enter for 40990 - 40920 - 40760, SL 41105

In the Previous Week: 

Bank Nifty traded between our weekly support and resistance zone till Thursday and on Friday triggered our weekly short trade on sustaining below 41275 and completed our initial weekly short targets of 40980 - 40900 with a low of 40882.70

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 41275 - 41365 for a move towards initial long targets of 41610 - 41675. 

Sustaining or closing above 41675 Bank Nifty may move towards next long targets of 41880 - 42120

On the downside:

Bank Nifty has to sustain and close below its immediate support at 40985 - 40895 for a move towards initial short targets of 40650 - 40590. 

Sustaining or closing below 40590 Bank Nifty may move towards next short targets of 40380 - 40145

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.