1. Nifty bank is bullish above the Blue trend line crosses with 15 minutes green candle and wait for a range then trade that range whichever side it breaks (bullish or bearish) otherwise my view is bearish due to tapering in US.
2. There is a very strong support zone which act as bounce back level, last time, it will try to bounce from that level, again.
1. Nifty bank will be bullish above 40100. Focus on the result of SBI around 1 PM for good trade.
2. If open flat and crosses 40100 with 15 minutes green candle then target 1 = 40400; target 2 = 41000; target 3 = 41800; target 4 = "OPEN". You will expect very fast movement if Nifty bank crosses 40400 level.
3. If open GAP-UP, then wait for the upper levels to cross by making range, then trade the range when it crosses to achieve upper level targets.
4. Nifty bank will be bearish below 39600
5. If open flat and crosses 39800 with 15 minute red candle then target 1 = 39600; target 2 = 39200; target 3 = 39000; target 4 = 38800; target 5 = 38500 (which is a strong support). To achieve these levels there will be slow movement downside.
6. If open GAP-DOWN then avoid trade as there are many support zone from where Nifty bank will bounce-back for upside target.
Nifty bank 15 minutes a candle:
1. If Nifty bank goes above 40200 and sustain for 15 minutes or more, then more upside is possible till 41000 levels. PSU banks are performing better than private banks.
2. If Nifty bank goes below 39500 and sustain for a while the it will be bearish sentiment which will take down Nifty bank to 38500 or below levels.
3. As I have told you earlier that 38500 is a very strong support zone and if it breaks then you can see below 38000 levels 37500 to be more specific but I am not that much bearish but you can not say about the market behavior.
4.
Nifty bank 15 minute a candle:
1. If Nifty bank moves above 39250, then it will be bullish wait for the confirmation with a 15 minute green candle to close above 39250 otherwise this level will act as resistance because market makes a bearish structure.
2. If Nifty bank moves below 38800, then it will be bearish with 15 minute red candle close below this level. You have to trade cautiously because from the level of 38500, it has bounced-back recently.
3. Follow the Blue and Red thin trend lines for the risky traders to enter the trade early.
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"