Nifty Bank weekly analysis 01-11-2021 to 05-11-2021

 A candle a day:

According to Fibonacci retracement and due to bearishness of the Nifty bank we can see the levels of 37000 or below. Even after the good results posted by banks and global cues are positive; FII continued the selling and that selling pressure may continue next week. Lockdown in China and in many parts of India may leads to this selling pressure.

 

A candle a week:

Fibonacci retracement is used when market is running all time high. The recent intraday fall of 1500 point in Nifty bank causes panic in the market among retail traders and investors. We may see the levels of 37000 in quick time. The candle pattern at the upper level in very bearish. The big red candle ate the small green candle.

 

A Candle a month:

The candle formed by October month is mild bearish and rejected the level of 42000 as 41800 is a Pivot resistance on monthly basis. Take only bearish trade till any good news came or let the market decide the upward direction with any bullish candle, bullish candle stick pattern or bullish structure. Also, focus on the SBI result on 3rd November after 12:00 PM for the breakout or upside fast movement.

 

NOTE: Due to Diwali/Deepawali expiry is on 3rd November (Wednesday), Muhurat Trading on 4th November with the expiry of 11 November (Thursday) (Time: 6:15 pm and 7:15 pm) and 5th November is Holiday due to "Diwali Balipratipada"

Niftybank intraday trading levels 29-10-21

Nifty bank 1 hour a candle:

1. Nifty bank will be bullish above 41350; Oh! yes very far, because of the 1500+ points fall in Nifty bank from the day's high to low.

2. Nifty bank will be bearish below 39350; be cautious because Nifty bank is at "Support Zone 1"; it can bounce back as global market are positive.

3. Avoid trading in "No trading Zone"; also known as STOP-LOSS hunting zone for STOP-LOSS hunters. Better to avoid trading for Friday i.e. 29-10-2021.

4. Nifty bank may bounce back sharply from "Strong Support Zone 1" or "Strong Support Zone 2"; use "Buy on dips" strategy with small quantity.

Niftybank intraday trading levels 28-10-21

Nifty bank 15 minute a candle:

1. Nifty bank will only be bullish above 41350-41400 levels, wait for a 15 minute green candle to close above the mentioned levels, then you can trade for upward fast movement till 41800-42000 levels.

2. Nifty bank wil only be bearish below 40750-40700 levels, wait for a 15 minute red candle to close below the mentioned levels, then you can buy ATM PE for downward fast movement till 40500-40200 levels.

3. Nifty bank has made a bearish structure wedge pattern, it means we can see downfall but cannot say because most of the banks are posting good results. Hope that market will touch all time high before Diwali/Deepawali festival.

Niftybank intraday trading levels 27-10-21

1. Nifty bank is bullish above 41350; Axis bank has posted great results, let see how market react to it.

2. Nifty bank is bearish below 40900, which I do not expect but cannot say anything due to last trading day. 

3. Do not be hustle to trade, let the market settle to some level then trade.

Niftybank intraday trading levels 26-10-21

 Nifty bank 15 minute a candle:

1. Nifty bank will be bullish above 41650; as ICICI bank posted good Q2 results and today, Axis bank and Kotak bank will post their Q2 results. I am expecting good results.Let see.

2. Nifty bank will be bearish below 41050; I am not going to trade on bearish side as it might be a trap the new traders because market is bullish but closed the market on bearish sentiment at the fag end, yesterday. So be cautious.

3. Follow the thin red line for the support;

4. Market is bullish do not go for PUT(PE);

5. Avoid trading in bearish side, it's a trap;