#BANKNIFTY US markets took a nosedive post Powell's speech in Jackson Hole. Let's see how Indian markets will react to it. Outlook for the week Aug 29 - Sep 2, 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.
#BANKNIFTY 2. Weekly TF: • Post a formation of shooting star, the current week was a indecisive week. (long legged doji) • On a higher TF the targets of channel BO is still intact of 40140 & 42668. •However, for the current week 39500 might not be taken out.
#BANKNIFTY 3. Daily TF: • Inside Bar candle formation in daily. •Last week on Tuesday BNF opened gap down at 38k levels but recovered swiftly and never gave a closing below 38k. Hence 38k is an imp level on daily TF in BNF.
#BANKNIFTY 5. Hourly TF: • S/R mentioned on the charts. • 39500 is the immediate resistance.
#BANKNIFTY 6. 15min TF • Moving within symmetrical. • However, looking at the global cues we might open right at the tgt of the BD of this symmetrical triangle.
#BANKNIFTY Conclusion: • 38k is a very crucial level. • If on any day BNF closes below 38k, then we can expect a retracement till retest of the Channel (weekly TF). • On a higher TF the market is still bullish. • However for the current week expecting some correction.
If you enjoyed this, then do check out my other threads. I regularly share weekly outlook on indices (NIFTY & BANKNIFTY) and many more threads on trading & finance.