Bank Nifty Outlook for 21st Feb

 

In the previous session:

Bank Nifty went down by 167 points then went up by 601 points before closing higher by 558 points on Tuesday

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 20th Feb:

Bank Nifty triggered our long trade and completed 2 targets doing 260 points and exceeded it by 145 points

For 21st Feb:

Sustaining above 47300 can move towards 47425 - 47575 - 47965, SL 47155

Sustaining below 46890 can move towards 46760 - 46615 - 46225, SL 47030

(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 below 45210 and completed our initial targets till 44760 - 44650 with a low of 44633.85 and then took our trailing stoploss. Post that Bank Nifty triggered our weekly long trade above 46060 and again completed our initial targets till 46510 - 46620 with a high of 46693.40.

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 46705 - 46905 to move towards its initial weekly long targets of 47455 - 47595 

Closing above 47595 Bank Nifty may move towards its last weekly long targets of 48065 - 48585

On the downside:

Bank Nifty has to sustain and close below its weekly support at 46060 - 45860 to move towards its initial weekly short targets of 45320 - 45170

Closing below 45170 Bank Nifty may move towards its last weekly short targets of 44710 - 44200

So far this week Bank Nifty has made a high of 47136.75 and closed at 47094.20 triggering our weekly long trade. The cbsl for the weekly long trade is 46545

Now in the coming session Bank Nifty sustaining above 46905 can move towards 47455 - 47595. On the downside Bank Nifty sustaining below 46890 can move towards 46615 - 46450

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