#BANKNIFTY After 4 weeks of continuous buying, we are witnessing a pause in the rally. Outlook for the week Aug 22 - 26 , 2022. THREAD: Deconstructing BANKNIFTY on 5 different TF's.
#BANKNIFTY 1. Monthly TF: • Post a bullish marubozu candle, we are witnessing a follow-up trend on the upside. • Bullish on higher TF. • Buy on dips market for now.
#BANKNIFTY 2. Weekly TF: • Formation of shooting star at resistance, albeit need follow up for confirmation. • On a longer TF the targets of channel BO is still intact of 40140 & 42668. •However, for the current week 39760 might not be taken out.
#BANKNIFTY 3. Daily TF: • Friday's candle engulfed past three days candle. • A bearish marubozu & bearish engulfing under formation, however confirmation would be on Monday when there is a follow through in the selling.
#BANKNIFTY 5. Hourly TF: • S/R mentioned on the charts. • 39300 is the immediate resistance (erstwhile support turned into resistance).
#BANKNIFTY 6. 15min TF • BD of bearish pennant is done basis for which two targets marked on the charts. • However BD of bearish pole & flag is yet to happen.
#BANKNIFTY • Would be selling only CE's unless some reversal is seen, post which will convert CE sell into strangle. • For strategy refer @AdityaTodmal 's BNF analysis, link below: https://x.com/AdityaTodmal/sta...
#BANKNIFTY Conclusion: • Expecting 39600-700 to go to zero for the current week. • On a longer TF the market is still bullish. • However for the current week expecting some healthy correction. • BNF to make fresh ATH in the upcoming months.
On Friday, we shared patterns in live markets, do check it out: https://x.com/niki_poojary/sta...
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