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.