In the previous session:
Bank Nifty went up by 372 points then went down by 70 points before closing higher by 128 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 07th Feb:
Bank Nifty triggered our long trade with a gap up near our 2nd target and did not give a trade.
For 08th Feb:
Sustaining above 45940 can move towards 46010 - 46100 - 46320, SL 45855
(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 46062.85 and made a low of 45527 testing our weekly support of 45670 - 45480 and closed at 45818.50
Now in the coming session Bank Nifty sustaining above 45940 has immediate resistance at 46100 - 46200. On the upside Bank Nifty sustaining below 45700 can move towards 45540 - 45440 where it has been taking support.
Bank Nifty has to break the trading range of 45440 - 46460 and sustain/close for a good move.
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
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