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 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.