Multi-timeframe analysis of Nifty bank 17-01-2022 to 21-01-2022

Nifty bank: a week a candle

Bank nifty on weekly chart is looking bullish and HDFC bank has posted good Q3 result. We can see long build-up above 38500 levels. But there is still negative news about COVID 19 third wave and we can see sell-on-rise at some upper levels between 39500 and 40000. Also, Budget 2022 season will influence the market movement and we can see spike in India VIX.

Nifty bank: a day a candle

Bank nifty on daily chart is rejecting the lower levels by supporting 38000 level and made a bullish candlestick (Dragonfly). If there is another big green candle then you can make long position above 38500 for the target of 39500 to 40000.

Nifty bank: 15 minutes a candle

If Bank nifty trade above 38500 then short covering happens and we can see the upside fast movement. If Bank nifty trade below 38000 then we can see bounce-back or short target at lower levels as there are many support levels. If opens gap down then look for bullish trade, only by recognizing price action or bullish candlestick pattern. If opens gap-up then wait for the range to break and then trade the range for upside, only. It is suggested to avoid trade on bearish side as many big banks are going to post their Q3 result and it is expect that the results will be good and as per market expectation.

Multi-timeframe analysis of Nifty bank 10-01-2022 to 14-01-2022

Nifty Bank: a week a candle

In weekly chart of Banknifty, there is some strong resistance zone from 38050 to 38250. Do not make any new position in this zone. Either this zone will be broken as gap-up or 200-300 points candle with positive sentiment. As COVID-19 cases are increasing with new variant Omicron, market sentiment is negative biased but this is the season of Quarter results and many heavy-weight banks will post positive result. As the market is already corrected from its high in October; the correction continued for two months i.e. November and December 2021. January 2022 bring us new hope to achieve new high in Banknifty target will be 43000 before the Budget 2022.

Nifty Bank: a day a candle

Nifty bank will be bullish is sustain above 38250 as below this level there is a strong resistance zone exists which will make the traders sell-on-rise in this zone. To break this zone Nifty bank has to open gap-up on a trading day then we will see fastest short-covering of this year 2022. Nifty bank has show strength and become bullish till the RBI MPC meeting on 7-9, Feb 2022. This is the market of buy-on-dips because nifty bank is going up.

Nifty Bank: 15 minutes a candle

Nifty bank will be bullish above 37900 and will be bearish below 37600. If opens gap-up or gap-down then wait for the price action or range to break then trade according to it.

Multi-timeframe analysis of Nifty bank 03-01-2022 to 07-01-2022

Nifty bank: a week a candle

Nifty bank is rejecting the lower levels specially 35000 and moving upward, slowly. For the weekly view, we can see the Long build-up above 36000 and can reach 37500 in a week. Last week was quite boring due to little participation of FIIs because of Christmas and New year holidays. Therefore, we can see the upside movement with momentum in the next week and many companies will declare their Q4 results in January 2022. We have to be careful and aware about the Omicron variant and increasing COVID-19 cases day by day in India and other European countries. Also, FIIs participation will be less due to the tapering.

Nifty bank: a day a candle

Technically, Nifty bank is looking strong on daily chart. It is keep rejecting the lower levels of 34000 which turnout to be very strong level. If Nifty bank has to go down then there will be many supporting levels and bounce-back from any levels. Therefore, it is recommended to go for upside trade rather than downside. We will see momentum in upside trade whether to buy CE or sell PE or buy Futures. If you are trading for downside then you have to do scalping with shorter targets and profit.

Nifty bank: 30 minutes a candle

Nifty bank will move upside above 35600 and sustain the level. Nifty bank will move downside below 35400 and sustain the level. If opens gap-up or gap-down then wait for the range to break or price action with bullish or bearish sign to trade, accordingly.

Multi-timeframe analysis of Nifty 50 27-12-2021 to 31-12-2021

Nifty 50: a week a candle

Nifty 50 is moving in a parallel channel and keep resisting the upper end and keep supporting the lower end of the channel. On a weekly basis, to become bullish or taking a longs position the Nifty 50 has to trade above 17600 for few days. Nifty 50 index will become bearish or panic selling will be started below 16350 then we can see the levels of 16000 or below.

Nifty 50: a day a candle

On a daily basis, Nifty 50 has made a RED candle by resisting upper level of the thin RED trend line but taken support of 17000 and closed just above 17000. If 17000 levels breaks and Nifty 50 trade below 17000 then downside momentum can be seen in a day or two. But there are some good news flowing in the market which will strengthen the market a little bit and FIIs are selling in small quantity due to Christmas and New year week holidays in many countries. Also, DIIs are supporting the market by continuous buying. Hope market will recover soon and breaks the upper end on the parallel channel (on weekly chart).

Nifty 50: 15 minutes a candle

Nifty 50 will have bullish momentum above 17075 but there is an immediate resistance zone and may consolidate in the zone for an hour or so for further movement (upside or downside). If Nifty 50 trade below 16900 then downside movement will be expected but for shorter targets, therefore, keep your stoploss as per your risk. If opens gap-up or gap-down then wait for the range to break or price action and then trade according to it.

Multi-timeframe analysis of Nifty bank 27-12-2021 to 31-12-2021

Nifty bank: A week a candle

On weekly chart, Nifty bank is closed almost at the support of RED trend line, which is an indication of mild bullishness as FIIs selling activity is taken a short pause and they are still selling in small quantity. But we cannot deny the fact that the levels of 32000 can be tested in this month i.e. December 2021, if not then after the Budget 2022 in February 2022. As per technical, if Nifty bank sustain above 37600 then upside longs position can be seen. If sustain below 34000 then 32000 levels are coming.

Nifty bank: A day a candle

On a daily chart, Nifty bank is looking weak because it has resisted the upper levels and resisted the thin RED trend line (bottom-right corner). To become bullish, it has to cross 35500 and sustain for few days to move upside. If sustain below 34500 then 34000 levels can be tested, again. None of the Banking stocks are supporting the Nifty bank to go up and there might be some consolidation around 34000 before downside movement.

 

Nifty bank: 15 minutes a candle

In 15 minutes time-frame, the chart suggests bearishness. As, it keeps resisting the upper levels specially the BLUE trend line but taking support on lower levels. At lower levels DIIs are supporting the market with their continuous buying. To become bullish in intraday trading session, Nifty bank has to cross and trade above 35100 to achieve the targets of 35300, 35500, 35800. Downside movement can be seen below 34550 but for shorter targets.