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. 

Weekly view of Banknifty for intraday and positional traders

 As, the taper is postponed for a while, then look for the 35700 level to breakout and then buy call of 35700 CE or 35800 CE as per your convenience, this will give fast move of 150-250 points till 35850-35950 levels. But I think Banknifty will break 36000 level but wait for the range and then buy call 36000 CE if it breaks that range, it will give big move till 36500 levels as 36500 level is a major resistance in February-March trading session. 

 NOTE: Below chart is based on 15 minute candles.