#BANKNIFTY Faced resistance at 41830 i.e. near highs of October 2021 Outlook for the week Sep 19 - Sep 23, 2022. THREAD: Deconstructing BANKNIFTY on 4 different TF's.
#BANKNIFTY 1. Monthly TF: • Third consecutive month of upmove, although faced resistance at 41830 • Buy on dips market on higher TF • Expecting a sideways/consolidation i.e. halt candle in the month of Sep 2022
#BANKNIFTY 2. Weekly TF: • After several weeks, witnessed long upper wicks indicating sellers presence at higher levels. • 2nd tgt for the channel BO will take few more weeks to achieve. • Prior to that BNF might consolidate before the next leg of upmove.
#BANKNIFTY 3. Daily TF: • IB formation in daily • Sellers have entered near 41800-41500 levels • Consolidation range 39600-41500
#BANKNIFTY 4. Hourly TF: • S/R mentioned on the charts. • Rising channel BD on hourly, tgts marked on the charts (refer chart 2)
#BANKNIFTY Conclusion: • On a higher TF the structure is bullish, indicating buy n dips market. • Sellers have entered near 41800-41500 levels and hence some sideways consolidation can be expected for the current week • Range 39600-41500
Strategy: to play strangles unless the range gets broken on either decisively.
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