Bank Nifty Outlook for 02nd Feb

 

In the previous session:

Bank Nifty went down by 328 points then went up by 310 points before closing higher by 192 points on Thursday

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 01st Feb:

Bank Nifty initially triggered our short trade and completed just 1 target doing 120 points and took our stoploss. Post that Bank Nifty reversed to trigger our long trade and again completed just 1 target doing 120 points

For 02nd Feb:

Sustaining above 46370 can move towards 46485 - 46615 - 46965, SL 46245

Sustaining below 46000 can move towards 45890 - 45760 - 45410, SL 46130

(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 46306.90 breaking above our weekly resistance and almost reached our initial weekly long targets of 46340 - 46535 and closed at 46188.65. The trailing cbsl for the weekly long trade triggered is 45750 on hourly closing now for tomorrow.

Now in the coming session Bank Nifty sustaining above 46370 can move towards 46535 - 46615. On the downside Bank Nifty sustaining below 46000 can move towards 45750 - 45600

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

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours.                              

To receive this post daily in your inbox, kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.

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