Nifty Bank weekly view 15-11-21 to 19-11-21

 A week a candle:

On weekly candle basis, Nifty bank is following and taken the trend line as support. If has rejected the level of 38500, twice. It is suggested that let the market decide the up-move or down-move, then trade accordingly. Due to festive season, many retail traders and investors, FII and NII, took out some money from the market, that is why we see the downfall. But new investment has begun as Futures data of Nifty bank is strong and voluminous Futures has been bought on Friday trading session i.e. 12-11-21.

 

A day a candle:

Nifty bank is at the verge of "MAKE or BREAK" level. If it trades above 39000 then we can see the first target of 40100 levels and then it may take a pause for more upside. If it breaks the level of 38400 and trade below this then we can see the fast downside movement till 37500 levels or more. But it is not recommended to trade downside except for risky and professional traders. Market has made an "Inside candle" pattern or "Bullish Harami" candle stick pattern which means market will be bullish if it crosses and sustain the last day's higher price of the candle. If it crosses the lower price of the candle then bearish sentiment. But yes market is at the Red trend line support and rejected it and made a green bullish "Dragon Fly" candle; so if market crosses and sustain above the Blue trend line then risky traders initiate buying CE.

Nifty Bank weekly view 25-10-21 to 29-10-21

A Month a candle:

Nifty bank is very bullish and aiming to reach 45000 levels, as it has under-run respected to Nifty 50 index, which is in bearish mode but respecting the support of 18050 levels. The candle formed by October month is Marubozu candlestick, which means Nifty bank is very bullish. The recent result published by ICICI bank is good and will support the Nifty bank to reach new highs. Also, focus on the upcoming result of Axis bank on Monday (25-10-21) will have a major impact on Nifty bank.

 

A Week a candle:

Weekly candle is above 40000 levels and closed above 40200, so watch for the 40200 levels for bounce back if Nifty bank come close to 40200 levels. Fibonacci retracement also tells us that Nifty bank will achieve 47000 levels which is little difficult not impossible in the coming few weeks.

 

A Day a candle:

Day candle is rejected the 40500 levels and made green inverted hammer, so the Nifty bank will make a fast movement above 40500 levels, once break then you can expect 43000 levels in few days (next week only).