Bank Nifty Spot Chart Weekly Analysis for 5 to 9 Feb., 24

📈 Trading Marcos Bank Nifty Weekly Analysis 📊

Spot Chart Levels Weekly Range: 1821.15

✅ Bullish Outlook ✅

Buy at 46196.67
🎯 Target 1 - 47096.42
🎯 Target 2 - 47792.1
📈 Average Position - 45981.78
🛑 Buyer Stoploss - 45589.62

📉 Sell at 45766.88
🎯 Sell Target 1 - 44845.48
🎯 Sell Target 2 - 44149.8
📉 Seller Stoploss - 46373.93

📊 Analysis:
Bank Nifty is showing a strong bullish stance with the formation of an inverted head and shoulder pattern on a larger timeframe, indicating a potential trend reversal. Additionally, a cup and handle pattern on a smaller timeframe further supports the bullish outlook.

Trade Recommendation:
Considering the technical patterns, it is advised to go long on Bank Nifty. Traders can initiate buy positions with the specified targets and stop-loss levels. Keep a close watch on the market for any developments that may require adjustments to the strategy.

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