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.
