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. 

Niftybank intraday trading 14-10-2021

Nifty bank 15 minute a candle:

1. Nifty bank will be bullish above 38800 but MAXPAIN data shows the expiry will be near 38600 levels. It seems that in this expiry Nifty bank is not going to cross and close above 39000 but it may touch 39000 levels as there are maximum open interest as per weekly expiry 14-10-21, we can see selling pressure from there or close below 39000.

2. Nifty bank will be bearish below 38500 but there are many hurdles of 38350 then 38150, so there will be small profit.

3. No trading zone between 38600 and 38500.

4. Avoid trading in bearish side.

5. It if better to sell the 39000 CE (1 lot); you can use Call Spread strategy to minimize the margin.

Niftybank intraday trading 13-10-2021

 Niftybank 15 minute a candle:

1. Nifty bank will again be bullish when crosses 38600 as 38500 is a break-out level. Now, we can see the levels of 40000 in coming week.

2. Nifty bank will be mild bearish below 38375 as there are many candles supporting the level, therefore, it can be seen as bounce-back level for fast upward movement. Look for the bullish candle or price action at this level for bounce-back.

3. Nifty bank will be bearish below 38150 level, which can lead till 37700 level, then 37350 or 37000, which I do not expect, at least for today.

4. There will be no trading zone between 38375 and 38150, you can be trapped in the volatile movement. So, avoid trading in this zone or gap-down at the mentioned levels.

Niftybank intraday trading 12-10-2021

Niftybank 15 minute a candle:

1. Niftybank will be bullish above 38400 but risky traders can see the price action at the level of 38265 (Orange line) and it should be above thin red trend line.

2. Nifty bank did not sustain the level of 38400, yesterday but it is bullish because it has not broken the significance level of 38100. If broken today, then you can see the downfall till 37700 levels.

3. Newbie traders can avoid trading in the range of 38100-38350.

Nifty bank intraday trade 11-10-21

 Nifty bank 15 minute a candle:

1. Nifty bank will be bullish above 38100 by breaking with big volumes because Nifty bank is retraced many time from this level.

2. If Nifty bank opens flat and moves up wards crossing the level of 37850, then you can go for CE with little quantity for little profit.

3. Nifty bank will be bearish below 37650, but it seems a big support. If it breaks downside then we can see selling pressure till 37300 levels.