#BANKNIFTY Bears were roasted in the past weeks short squeeze! In a weeks time BNF is up by 2k points and gave a comfortable closing >35k Bulls are back in the game! Outlook for the week Jul 11 -Jul 15, 2022. THREAD: Deconstructing BANKNIFTY on 4 different TF's.
#BANKNIFTY 1. Monthly TF: • LH-LL structure & moving within the falling channel. • No follow through selling post the June month. • The sharp up move in BNF depicts resilience. • Bulls are pretty much active near 32200-32800 zone & are strongly defending this level.
#BANKNIFTY 2. Weekly TF: • Despite a LL-LH structure BNF failed to make a fresh Lower low post LL1. • The zig zag moves in the index as it is trapped inside the channel is responsible for volatility and SL hits. • Weekly close >35k is a sign of strength.
#BANKNIFTY 3. Daily TF: •Witnessed gap up opening in the past 3 days and BNF has successfully managed to stay at higher levels, specifically > 35k level. • 35300:immediate resistance. • 36k:strong resistance. • Already rallied 2182 points from July 1, 2022.
#BANKNIFTY 5. Hourly TF: • Sharp one way rally means some sideways action is required for the next leg of upmove. • S/R mentioned on the charts.
#BANKNIFTY Strategy for aggressive risk seekers: Exit point: 36100 on the upside and 34150 on the downside.
#BANKNIFTY Strategy for moderate risk seekers: Exit point: 36100 on the upside and 33900 on the downside.
#BANKNIFTY Strategy for safe players: Exit point: 36200 on the upside and 33800 on the downside.
#BANKNIFTY Conclusion: • Witnessed a short squeeze on BNF in the last week. • Sharp rally of over 2k points in a weeks time. • Expecting a small retracement and sideways move before the next leg of upmove. • Shorter TF trend looks promising.
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