Bank Nifty Outlook for 16th Feb

 

In the previous session:

Bank Nifty went down by 318 points then went up by 389 points before closing higher by 310 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 15th Feb:

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

For 16th Feb:

Sustaining above 46415 can move towards 46535 - 46675 - 47050, SL 46280

Sustaining below 46020 can move towards 45900 - 45760 - 45390, SL 46160

(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 and on Tuesday took our trailing hourly cbsl of 45330 and today moved up till 46297.70 and closed at 46218.90 triggering our weekly long trade. Now the hourly cbsl for the weekly long trade is 45765

Now in the coming session Bank Nifty sustaining above 46060 can move towards 46510 - 46620. On the downside Bank Nifty sustaining below 46020 can move towards 45760 - 45600

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