#BANKNIFTY A pause/ a healthy correction before the next leg up Outlook for the week Sep 26 - Sep 30, 2022. THREAD: Deconstructing BANKNIFTY on 4 different TF's.
#BANKNIFTY 1. Monthly TF: • Third consecutive month of upmove, although faced resistance at 41830 • Clear presence of the sellers at higher levels, and BNF is back in the August 2022 range. • Expecting a healthy correction before hitting a ATH in 2022.
#BANKNIFTY 2. Weekly TF: • 2nd tgt of the channel BO will take few more weeks. • Evening star under formation •As per Fibo, the upmove which started since June 2022, may retrace upto 38.2% i.e. 38200 levels. • A healthy correction before the next leg up towards ATH
#BANKNIFTY 3. Daily TF: • Clear BD of the M pattern • Sellers have entered near 41800-41500 levels • Broke the low of Sep 14, 2022 candle, and now bears are in control.
#BANKNIFTY 4. Hourly TF: • S/R mentioned on the charts. • Remember Fibo 38.2% retracement is around 38200
#BANKNIFTY Conclusion: • After almost 3 months of one sided rally, a small correction would be healthy for the next up move. • Current week would be monthly expiry. • Event: Friday, Sep 30, 2022 - RBI policy.
Strategy: For the current week the texture has changed to sell on rise.
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