Nifty Bank weekly view 08-11-21 to 12-11-21

 A candle a month:

As October month candle rejected the 42000 levels with hefty selling by the end of the month and closed the green candle just above 39100 level. 38500 level will be crucial for the bounce-back or another selling pressure with 1000 points or so. If there is selling then we can see the levels of 37000. I am not expecting much fall from there.

 

A candle a week:

 Last week of October saw heavy selling even after the good results posted by banks specially on the expiry day of the month saw 1300+ points fall. The last week's big red candle ate/covered the previous week's small green candle. Sentiment of the retail investors are not good but it is the right time to invest by taking some risk to get good reward in long-term.

 

A candle a day:

I draw an Elliot wave which shows the make and break level of 38500, if make then move upward fast and if breaks then moves very fast downward. 38500 level will be very important, watch this one.