Bank Nifty Outlook for 08th Mar

  In the previous session:  

Bank Nifty went up by 420 points before closing higher by 99 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 06th Mar:

Bank Nifty triggered our long trade and completed 2 targets doing 225 points

For 08th Mar

Sustaining above 41515 enter for 41615 - 41735 - 42050, SL 41400

Sustaining below 41185 enter for 41085 - 40965 - 40660, SL 41300

In the Previous Week: 

Bank Nifty triggered our long trade with a close below 40215 and completed all our weekly long targets till 40885 - 41190 and exceeded it with a high of 41390.15  

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 41520 - 41690 for a move towards initial long targets of 42150 - 42270. 

Sustaining or closing above 42270 Bank Nifty may move towards next long targets of 42660 - 43090

On the downside:

Bank Nifty has to sustain and close below its immediate support at 40980 - 40810 for a move towards initial short targets of 40360 - 40240

Sustaining or closing below 40240 Bank Nifty may move towards next short targets of 39840 - 39410

So far this week Bank Nifty made a high of 41671.20 within our weekly resistance zone of 41520 - 41690 and dipped till 41259.10 before closing at 41350.40

Now in the coming session Bank Nifty has immediate resistance at 41520 - 41690 zone and has to sustain above 41690 to move towards 42150 - 42270. On the downside Bank Nifty has immediate support at 41200 - 41100 zone and has to break below it for a further move towards 40980 - 40810.

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.