Multi-timeframe analysis of Nifty bank 10-01-2022 to 14-01-2022

Nifty Bank: a week a candle

In weekly chart of Banknifty, there is some strong resistance zone from 38050 to 38250. Do not make any new position in this zone. Either this zone will be broken as gap-up or 200-300 points candle with positive sentiment. As COVID-19 cases are increasing with new variant Omicron, market sentiment is negative biased but this is the season of Quarter results and many heavy-weight banks will post positive result. As the market is already corrected from its high in October; the correction continued for two months i.e. November and December 2021. January 2022 bring us new hope to achieve new high in Banknifty target will be 43000 before the Budget 2022.

Nifty Bank: a day a candle

Nifty bank will be bullish is sustain above 38250 as below this level there is a strong resistance zone exists which will make the traders sell-on-rise in this zone. To break this zone Nifty bank has to open gap-up on a trading day then we will see fastest short-covering of this year 2022. Nifty bank has show strength and become bullish till the RBI MPC meeting on 7-9, Feb 2022. This is the market of buy-on-dips because nifty bank is going up.

Nifty Bank: 15 minutes a candle

Nifty bank will be bullish above 37900 and will be bearish below 37600. If opens gap-up or gap-down then wait for the price action or range to break then trade according to it.

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.