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.

Multi-timeframe analysis of Nifty bank 27-12-2021 to 31-12-2021

Nifty bank: A week a candle

On weekly chart, Nifty bank is closed almost at the support of RED trend line, which is an indication of mild bullishness as FIIs selling activity is taken a short pause and they are still selling in small quantity. But we cannot deny the fact that the levels of 32000 can be tested in this month i.e. December 2021, if not then after the Budget 2022 in February 2022. As per technical, if Nifty bank sustain above 37600 then upside longs position can be seen. If sustain below 34000 then 32000 levels are coming.

Nifty bank: A day a candle

On a daily chart, Nifty bank is looking weak because it has resisted the upper levels and resisted the thin RED trend line (bottom-right corner). To become bullish, it has to cross 35500 and sustain for few days to move upside. If sustain below 34500 then 34000 levels can be tested, again. None of the Banking stocks are supporting the Nifty bank to go up and there might be some consolidation around 34000 before downside movement.

 

Nifty bank: 15 minutes a candle

In 15 minutes time-frame, the chart suggests bearishness. As, it keeps resisting the upper levels specially the BLUE trend line but taking support on lower levels. At lower levels DIIs are supporting the market with their continuous buying. To become bullish in intraday trading session, Nifty bank has to cross and trade above 35100 to achieve the targets of 35300, 35500, 35800. Downside movement can be seen below 34550 but for shorter targets.

Weekly multi-timeframe analysis of Nifty bank 22-11-21 to 26-11-21

Niftybank: a week a candle

Nifty bank is following the RED trend line on weekly basis. If breaks the trend line and closed below 37500 then you will see the levels of 36000. As per the last week's analysis, we have analyzed and expected the downfall to see 37000 levels, so, we have seen the mentioned levels. Nifty bank is bearish due to tapering and market is expecting the rate hike by US Federal Reserve which is causing this bearishness in the market. Let see, what will happen in the last week November or first week of December. The Fibonacci Retracement tool is also suggesting the levels of 36000 but it is purely depends on the RED trend line, if breaks and close below 37500 then only you will see the 36000 levels.

 

Niftybank: a day a candle

Nifty bank is on the verge of "MAKE or BREAK" level, as Nifty bank is taking support of Red trend line and if it breaks and sustain below it then you can see the levels of 36000 in the next week, only. The Elliot wave is also signalling the downfall. Nifty bank has to retrace from 38000 levels and has to close above 39000 levels to become bullish but it seems too tough for the market as many traders and investors are becoming panic due to continuous selling of FIIs (Foreign Institutional Investors)