Niftybank & Nifty 50 intraday trading levels 22-11-21

Nifty bank: 15 minutes a candle

1. Nifty bank is becoming bearish day by day. The Elliot wave suggests bearishness ahead on day-candle chart. It will be bearish when breaks 37750 level with volumes and sustain for 15 minutes or more then you can see more downward movement till 37450 and then 37000 levels.

2. Nifty bank will become bullish only above 38150 but that will be slow or very fast movement(a single 5 minute green candle). For that Nifty bank has to open above 38000 and sustain above it for some green candles then you can seen the movement, ahead.

3. If Nifty bank opens gap-up around 38500 levels then do not trade for upside but look for the opportunity for downside trade.

4. If Nifty bank opens gap-down around 37500 levels as I am expecting, then wait for the range then then trade, accordingly.

 

Nifty 50: 15 minutes a candle

Nifty 50 is making bearish structure due to Reliance and Saudi Aramco deal cancelled and also many heavy-weight banks are not supporting the Nifty50 to go up, also tapering tantrum making the mood of market quite confusing which leads to this bearishness. If Nifty50 breaks 17685 then it will become bearish to achieve 17500 and above 17850 it will become bullish but 18000 will be major resistance.

Weekly multi-timeframe analysis of Nifty 50 22-11-21 to 26-11-21

Nifty 50: a week a candle

Nifty 50 is looking weak as it closed below 17800 and right now taking support of ORANGE trend line. Nifty 50 is weak due to heavy-weight stocks like Reliance, HDFC Bank, etc., their chart is not looking bullish and shows signs of bearishness. If Nifty 50 is unable to close above 17800 then you can see the levels of 17650-17500 by taking support of RED trend line and if it breaks the RED trend line then you can see the free-fall of Nifty 50 to test the levels of 17000 or 16000 as per Fibonacci retracement. Nifty 50 is taking resistance of the BLUE trend line which is a level of 17800-18000 which is decisive for "MAKE or BREAK" level. The Elliot wave is showing bearish structure in Nifty 50 from its high.

 

Nifty 50: a day a candle

 In day chart of Nifty 50, the Fibonacci retracement is showing the levels of 17000 and 16000, the reason behind it is that the Nifty 50 never test these levels before going up. So, it is understandable that Nifty 50 will test these levels in coming months (not weeks). It is taking support of RED trend line and if it breaks then the levels of 17500 or more can be seen in next week, only. To make Nifty 50 in bullish trend, it has to close above 18000 levels and consolidate for few days, then we can see the upside rally, but it seems so that bearishness will continue to test the mentioned levels.

 

Weekly multi-timeframe analysis of Nifty bank 22-11-21 to 26-11-21

Niftybank: a week a candle

Nifty bank is following the RED trend line on weekly basis. If breaks the trend line and closed below 37500 then you will see the levels of 36000. As per the last week's analysis, we have analyzed and expected the downfall to see 37000 levels, so, we have seen the mentioned levels. Nifty bank is bearish due to tapering and market is expecting the rate hike by US Federal Reserve which is causing this bearishness in the market. Let see, what will happen in the last week November or first week of December. The Fibonacci Retracement tool is also suggesting the levels of 36000 but it is purely depends on the RED trend line, if breaks and close below 37500 then only you will see the 36000 levels.

 

Niftybank: a day a candle

Nifty bank is on the verge of "MAKE or BREAK" level, as Nifty bank is taking support of Red trend line and if it breaks and sustain below it then you can see the levels of 36000 in the next week, only. The Elliot wave is also signalling the downfall. Nifty bank has to retrace from 38000 levels and has to close above 39000 levels to become bullish but it seems too tough for the market as many traders and investors are becoming panic due to continuous selling of FIIs (Foreign Institutional Investors)

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.

 

Four phases of stock market

Accumulation: If there is long duration of consolidation after declining, then market will upward movement.

Advancing: The upward movement can be determined by Elliot wave, also.

Distribution: If there is long consolidation after up move then the market is exhausted, then you will see downward move very quick.

Declining: The downward movement which can be determined by Elliot wave.