Bank Nifty Outlook for 21st Feb

In the previous session:  

Bank Nifty went up by 160 points then went down by 551 points before closing lower by 430 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 20th Feb:

Bank Nifty initially triggered our long trade and completed just 1 target and took our trailing stoploss. Post that Bank Nifty reversed to trigger our short trade and completed all targets and more doing 400+ points

For 21st Feb

Sustaining above 40800 enter for 40860 - 40930 - 41100, SL 40730

Sustaining below 40600 enter for 40550 - 40470 - 40300, SL 40670

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

So far this week Bank Nifty made a high of 41292.60 testing our weekly resistance zone of 41275 - 41365 and reversed sharply to make a low of 40580.10 breaking below our weekly support zone of 40985 - 40895 and completed our initial weekly short targets of 40650 - 40590 before closing at 40701.70

Now in the coming session Bank Nifty has immediate resistance at 40895 - 40985 zone which it needs to break and sustain for a further move. On the downside Bank Nifty breaking and sustaining below 40650 - 40590 can move towards 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.