Bank Nifty Outlook for 01st Feb

 

In the previous session:

Bank Nifty went down by 296 points then went up by 812 points before closing higher by 629 points on Wednesday

Bank Nifty made a new lifetime high of 48636.45 on 27th Dec 2023 from the lows of 16116.25 made on 24th March 2020

On 31st Jan:

Bank Nifty triggered our long trade and completed 2 targets doing 370 points and exceeded it by 150 points

For 01st Feb:

Sustaining above 46185 can move towards 46300 - 46435 - 46790, SL 46055

Sustaining below 45810 can move towards 45695 - 45560 - 45210, SL 45940

(One should ideally look to exit near the 2nd target once the trade is triggered)

In the Previous Week: 

Bank Nifty triggered our weekly short trade sustaining below 45020 and almost reached our initial short targets of 44300 - 44120 with a low of 44429 

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 45310 - 45585 to move towards its initial weekly long targets of 46340 - 46535 

Closing above 46535 Bank Nifty may move towards its last weekly long targets of 47180 - 47900

On the downside:

Bank Nifty has to sustain and close below its weekly support at 44425 - 44150 to move towards its initial weekly short targets of 43390 - 43200

Closing below 43200 Bank Nifty may move towards its last weekly short targets of 42550 - 41850

So far this week Bank Nifty has made a high of 46179.75 breaking above our weekly resistance and closed at 45996.80 triggering our weekly long trade. The cbsl for the weekly long trade triggered is 45090.

Now in the coming session Bank Nifty sustaining above 46185 can move towards 46340 - 46535. On the downside Bank Nifty sustaining below 45810 can move towards 45560 - 45310

In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".

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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 decision