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 03-01-2022 to 07-01-2022

Nifty bank: a week a candle

Nifty bank is rejecting the lower levels specially 35000 and moving upward, slowly. For the weekly view, we can see the Long build-up above 36000 and can reach 37500 in a week. Last week was quite boring due to little participation of FIIs because of Christmas and New year holidays. Therefore, we can see the upside movement with momentum in the next week and many companies will declare their Q4 results in January 2022. We have to be careful and aware about the Omicron variant and increasing COVID-19 cases day by day in India and other European countries. Also, FIIs participation will be less due to the tapering.

Nifty bank: a day a candle

Technically, Nifty bank is looking strong on daily chart. It is keep rejecting the lower levels of 34000 which turnout to be very strong level. If Nifty bank has to go down then there will be many supporting levels and bounce-back from any levels. Therefore, it is recommended to go for upside trade rather than downside. We will see momentum in upside trade whether to buy CE or sell PE or buy Futures. If you are trading for downside then you have to do scalping with shorter targets and profit.

Nifty bank: 30 minutes a candle

Nifty bank will move upside above 35600 and sustain the level. Nifty bank will move downside below 35400 and sustain the level. If opens gap-up or gap-down then wait for the range to break or price action with bullish or bearish sign to trade, accordingly.