Bank Nifty Outlook for 15th Feb

 

In the previous session:

Bank Nifty went down by 641 points then went up by 668 points before closing higher by 405 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 14th Feb:

Bank Nifty opened with a big gap down near our last short target and did not give a proper entry. Post that Bank Nifty reversed to trigger our long trade and completed 2 targets doing 245 points and exceeded it by 240 points 

For 15th Feb:

Sustaining above 46100 can move towards 46220 - 46360 - 46720, SL 45965

Sustaining below 45715 can move towards 45595 - 45460 - 45090, SL 45850

(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/closing below 45480 and completed our initial targets till 44960 - 44830 with a low of 44859.15 and then our stoploss

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 45900 - 46060 to move towards its initial weekly long targets of 46510 - 46620 

Closing above 46620 Bank Nifty may move towards its last weekly long targets of 47010 - 47430

On the downside:

Bank Nifty has to sustain and close below its weekly support at 45370 - 45210 to move towards its initial weekly short targets of 44760 - 44650

Closing below 44650 Bank Nifty may move towards its last weekly short targets of 44270 - 43840

So far this week Bank Nifty has made a low of 44633.85 completing its initial weekly short targets of 44760 - 44650 breaking and sustaining below its weekly support of 45370 - 45210 and in the previous session took our trailing hourly cbsl of 45330 and today moved up sharply.

Now in the coming session Bank Nifty has immediate resistance at 45900 - 46060 and has to close above it for a move towards 46510 - 46620. On the downside Bank Nifty sustaining below 45715 can move towards 45460 - 45210

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