#BANKNIFTY Our markets are opening with a gap down due to imported weakness, however it recovers strongly during the session. Lets see what's in store for the upcoming week. Outlook for the week Sep 5 - Sep 9, 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. • In the month of July & august 2022 we have witnessed a rise of ~20%
#BANKNIFTY 2. Weekly TF: • Witnessed a strong closing in the past week. • Currently consolidating within the 2000 point range, since its near the resistance we are expecting a BO • However always better to wait for a confirmation before taking the trade.
#BANKNIFTY 3. Daily TF: • Inside Bar candle formation in daily. •Consolidation range 37950 -39760, a BO or BD of this range would give a strong momentum.
#BANKNIFTY 5. Hourly TF: • S/R mentioned on the charts. • Rectangle formation in hourly
#BANKNIFTY 6. 15min TF • Keep an eye on the black upward sloping TL.
#BANKNIFTY Conclusion: • On a higher TF the structure is bullish, however in monthly we can expect a pause before the next upmove. • On hourly a rectangle is under formation, a BO or BD will have a momentum of 1600-1800 points • Expecting sideways with bullish bias.
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