#BANKNIFTY Time for some sideways move, post strong moves on both sides. Outlook for the week Oct 3 - Oct 7, 2022. THREAD: Deconstructing BANKNIFTY on 4 different TF's.
#BANKNIFTY 1. Monthly TF: • Sep month candle range is of 4450 points. • We witnessed strong moves on both sides. •The prior trend i.e. July & Aug month has remained massively bullish hence we can consider this as a halt before the next upmove.
#BANKNIFTY 2. Weekly TF: • BNF reversed nearly from 50% retracement of FIBO level •On weekly TF a hammer has been formed near important support, however we need to wait for a confirmation (refer chart 2).
#BANKNIFTY 3. Daily TF: • After sharp fall of 7 days we witnessed an equally sharp pullback. • Friday low is an important level to watch for. • 38283 will act as an immediate support.
#BANKNIFTY 4. Hourly TF: • S/R mentioned on the charts.
#BANKNIFTY Conclusion: • Current week is a truncated week as Wednesday is a market holiday on the occasion of Dusshera. • Sideways consolidation week. • Expecting a range of 37250 -39500 for the current weekly expiry.
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