Bank Nifty Outlook for 02nd Mar

In the previous session:  

Bank Nifty went up by 456 points before closing higher by 429 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 01st Mar:

Bank Nifty triggered our long trade with a gap up above our 1st target and gave a dip to enter and almost completed all targets doing and did 325 points

For 02nd Mar

Sustaining above 40835 enter for 40920 - 41020 - 41270, SL 40740

Sustaining below 40560 enter for 40475 - 40380 - 40120, SL 40655

In the Previous Week: 

Bank Nifty triggered our short trade with a close below 40895 and completed all our weekly short targets till 40380 - 40145 and exceeded it with a low of 39600.25  

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 40100 - 40215 for a move towards initial long targets of 40530 - 40615. 

Sustaining or closing above 40615 Bank Nifty may move towards next long targets of 40885 - 41190

On the downside:

Bank Nifty has to sustain and close below its immediate support at 39720 - 39605 for a move towards initial short targets of 39290 - 39205

Sustaining or closing below 39205 Bank Nifty may move towards next short targets of 38930 - 38630

So far this week Bank Nifty made a low of 39745.40 just above our weekly support zone of 39720 - 39605 and bounced back sharply to make a high of 40725.35 today completing our initial weekly long targets of 40530 - 40615 and closed at 40698.15. 

Now in the coming session Bank Nifty sustaining above 40615 can move towards 40885 - 41190. On the downside Bank Nifty has immediate support at 40530 and sustaining below it can test its immediate support at 40215 - 40100.

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.