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 analysis 01-11-2021 to 05-11-2021

 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"

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). 

 

Nifty Bank weekly view 18-10-21 to 22-10-21

A day a candle:

Nifty bank has broken the parallel channel as we have discussed last week (11-10-21 to 14-10-21) on daily candle. Now, Nifty bank is ready to make higher highs on daily basis as global financial news are good and banks are expected to give positive result. Focusing on HDFC bank, ICICI bank, Axis bank results. As per Fibonacci retracement, it seems that 45000 levels will be seen in the next month or so. If 45000 levels seen in this month of October before expiry then there will be hefty selling pressure.

A week a candle:

Nifty bank has given a breakout from the resistance of 38000 levels and even crossed 39000 levels in last week. As per my expectation, Nifty bank will touch the levels of 42000-43000 in coming weeks after taking a pause at 40000 levels (a big resistance). Be cautious at 40000 levels because profit booking may come at this big hurdle.

A month a candle:

Nifty bank has broken the range of 38000 levels and crossed 39000 and made a new high. Be ready for the action in the coming days because Nifty bank will hit new highs on daily/weekly basis. According to me Nifty bank will touch 42000-43000 levels in the next two weeks, within this October month, only.