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.

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.

 

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. 

Nifty Bank next week view 11-10-21 to 14-10-21

A week a candle:

Nifty bank has to give a break out above 38100 level and sustain for further up move after clearing the level of 38400, otherwise we can see the levels of 35000-36000 in short term depending on the Q2FY22 results. First, HDFC Bank is declaring its result on 16-10-2021 (Saturday). Therefore, before 16-10-2021, Nifty bank has to sustain above 38100 and if above 38400, then it will be awesome to pick the GRAND move of this year. According to me, Nifty bank will consolidate between 38000 and 37300/37000 in the coming week.

 

 

 

A day a candle:

Look for the zig-zag of the Nifty Bank and it is sustaining above 37700 levels means it is mild bullish, if above 38100 then it will be strongly bullish to achieve 39000 levels in a day, but below 37300, it will be mild bearish and if breaks 37000 then strong bearish; selling pressure can be seen. According to me, Nifty bank will consolidate between 38000 and 37300/37000 in the coming week.

 

 Another view: A day  a candle:

 

 

A candle an hour: