In this post, we will be analyzing the trend of the market (Nifty & Bank Nifty) using daily & weekly charts.
Nifty 50 (Weekly)
Let’s analyze Nifty 50 on the weekly time frame. Nifty 50 looks exhausted as it has formed bearish engulfing & Doji on weekly charts.
Currently, we are trading in a range of 600 points & until US Election there is a possibility we can stay in that range. (11185 – 11800)
If this range is broken on the downside we can see trend reversal for short to medium term in markets. (Important support 10880)
Nifty (Daily)
On a daily time frame, Nifty is showing strong resistance at 11620 and last week was not able to sustain above 11600 levels.
We can see some correction of 50-80 points from 11500 as global markets are quite weak.
It is better to protect profits here. Currently, the market is sell on rise till 11620 is not broken.
Nifty (1 Hourly)
In the last trading selling, we saw a big selling in the last 1 hour of the closing of markets. But that selling was absorbed. If global markets stay weak we can easily break the 11500 level.
Nifty Bank (Weekly)
As discussed in our previous analysis that Bank Nifty is very weak and it gave false breakout to trap on the upside. Currently it downward trend & we can easily see 21000-21050 levels in the coming week.
Nifty Bank (Daily)
Daily charts are showing a breakdown in Bank Nifty and we can see some lower levels easily here.
It would be better to avoid longs in Bank Nifty & wait for any reversal here.
Bank Nifty can find support at 21050.