Bank Nifty Outlook for 29th Feb

 

In the previous session:

Bank Nifty went up by 166 points then went down by 735 points before closing lower by 625 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 28th Feb:

Bank Nifty initially triggered our long trade and completed just 1 target and took our stoploss. Post that Bank Nifty reversed to trigger our short trade and completed all targets doing 380 points and exceeded it further by 370 points. 

For 29th Feb:

Sustaining above 46080 can move towards 46150 - 46230 - 46440, SL 46000

Sustaining below 45850 can move towards 45780 - 45700 - 45500, SL 45930

(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 above 46905 but fell short of our initial weekly long targets of 47455 - 47595 with a high of 47363.40

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 46980 - 47080 to move towards its initial weekly long targets of 47370 - 47440

Closing above 47440 Bank Nifty may move towards its last weekly long targets of 47680 - 47950

On the downside:

Bank Nifty has to sustain and close below its weekly support at 46645 - 46540 to move towards its initial weekly short targets of 46255 - 46180

Closing below 46180 Bank Nifty may move towards its last weekly short targets of 45940 - 45670

So far this week Bank Nifty has made a low of 45852.55 breaking below our weekly support zone of 46645 - 46540 and reached our last weekly short target zone of 45940 - 45670 and closed at 45963.15

Now in the coming session Bank Nifty sustaining below 45850 can move towards 45700 - 45600. On the upside Bank Nifty sustaining above 46080 can move towards 46230 - 46330

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