A candle a day:
According to Fibonacci retracement and due to bearishness of the Nifty bank we can see the levels of 37000 or below. Even after the good results posted by banks and global cues are positive; FII continued the selling and that selling pressure may continue next week. Lockdown in China and in many parts of India may leads to this selling pressure.
A candle a week:
Fibonacci retracement is used when market is running all time high. The recent intraday fall of 1500 point in Nifty bank causes panic in the market among retail traders and investors. We may see the levels of 37000 in quick time. The candle pattern at the upper level in very bearish. The big red candle ate the small green candle.
A Candle a month:
The candle formed by October month is mild bearish and rejected the level of 42000 as 41800 is a Pivot resistance on monthly basis. Take only bearish trade till any good news came or let the market decide the upward direction with any bullish candle, bullish candle stick pattern or bullish structure. Also, focus on the SBI result on 3rd November after 12:00 PM for the breakout or upside fast movement.
NOTE: Due to Diwali/Deepawali expiry is on 3rd November (Wednesday), Muhurat Trading on 4th November with the expiry of 11 November (Thursday) (Time: 6:15 pm and 7:15 pm) and 5th November is Holiday due to "Diwali Balipratipada"