#BANKNIFTY Markets continued the uptrend and marked a fresh closing high on monthly basis. Outlook for the week Sep 12 - Sep 16, 2022. THREAD: Deconstructing BANKNIFTY on 5 different TF's.
#BANKNIFTY 1. Monthly TF: • Third consecutive month of upmove, although Sep month has just started. • Buy on dips market • Expecting a halt candle in the month of Sep 2022
#BANKNIFTY 2. Weekly TF: • Witnessed a strong closing in the past week. • The 2nd tgt for the channel BO is pending which will take few more weeks to achieve. • Closed >40k for two consecutive days.
#BANKNIFTY 3. Daily TF: • Indecision bar in daily • Sellers have entered near 40600-700 levels • Consolidation range 39000-41000.
#BANKNIFTY 5. Hourly TF: • S/R mentioned on the charts.
#BANKNIFTY 6. 15min TF • Levels to watch for: 39988 & 40482
#BANKNIFTY Conclusion: • On a higher TF the structure is bullish, indicating buy n dips market. • Sellers have entered near 40600-700 levels and hence some sideways consolidation can be expected for the current week • Expecting sideways with bullish bias.
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