Nifty Bank weekly view 08-11-21 to 12-11-21

 A candle a month:

As October month candle rejected the 42000 levels with hefty selling by the end of the month and closed the green candle just above 39100 level. 38500 level will be crucial for the bounce-back or another selling pressure with 1000 points or so. If there is selling then we can see the levels of 37000. I am not expecting much fall from there.

 

A candle a week:

 Last week of October saw heavy selling even after the good results posted by banks specially on the expiry day of the month saw 1300+ points fall. The last week's big red candle ate/covered the previous week's small green candle. Sentiment of the retail investors are not good but it is the right time to invest by taking some risk to get good reward in long-term.

 

A candle a day:

I draw an Elliot wave which shows the make and break level of 38500, if make then move upward fast and if breaks then moves very fast downward. 38500 level will be very important, watch this one.

 

Niftybank intraday trading levels 04-11-21

 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.

Niftybank intraday trading levels 03-11-21

 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.

Niftybank intraday trading levels 02-11-21

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.

Niftybank intraday trading levels 01-11-21

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.