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.