Bank Nifty Outlook for 06th Feb

 

In the previous session:

Bank Nifty went up by 77 points then went down by 355 points before closing lower by 145 points on Monday

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 05th Feb:

Bank Nifty triggered our short trade and completed just 1 target doing 115 points

For 06th Feb:

Sustaining above 46010 can move towards 46110 - 46250 - 46590, SL 45880

Sustaining below 45645 can move towards 45535 - 45405 - 45065, SL 45770

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

In the Previous Week: 

Bank Nifty triggered our weekly long trade sustaining/closing above 45585 and completed our initial targets till 46340 - 46535 with a high of 46892.35 but fell short of our last targets of 47180 - 47900

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 46275 - 46460 to move towards its initial weekly long targets of 46980 - 47110 

Closing above 47110 Bank Nifty may move towards its last weekly long targets of 47550 - 48040

On the downside:

Bank Nifty has to sustain and close below its weekly support at 45670 - 45480 to move towards its initial weekly short targets of 44960 - 44830

Closing below 44830 Bank Nifty may move towards its last weekly short targets of 44390 - 43900

So far this week Bank Nifty has made a high of 46048.60 and made a low of 45615.10 testing our weekly support and closed at 45825.25

Now in the coming session Bank Nifty has immediate support at 45670 - 45480 and has to break and sustain/close below it to move towards 44960 - 44830. On the upside Bank Nifty has immediate resistance at 46275 - 46460

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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