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.
