#BANKNIFTY Expecting a sideways consolidation, before deciding for the next trend. Outlook for the week Oct 10 - Oct 14, 2022. THREAD: Deconstructing BANKNIFTY on 5 different TF's.
#BANKNIFTY 1. Monthly TF: • Bullish view. Erstwhile we had seen that, BNF failed to sustain > 37250 in monthly. • However, now the bulls are comfortably holding up levels of 37250-39k in the past 3 months which wasn't the case since Nov 2021 till July 2022.
#BANKNIFTY 2. Weekly TF: • Erstwhile resistance has now turned into support, and we are still bullish on weekly as well. •On weekly TF a hammer has been formed near important support, however we need to wait for a strong confirmation
#BANKNIFTY 3. Daily TF: • Looks sideways with a 2200 point range of 37386- 39600 • Expecting some sideways consolidation within this 2200 point range before deciding for the next move. • Since the past three trading days BNF has been closing at 39100 levels.
#BANKNIFTY 4. Hourly TF: • S/R mentioned on the charts.
#BANKNIFTY 5. 15min TF: • Check the upward sloping black TL.
#BANKNIFTY Conclusion: • On higher TF i.e. monthly and weekly BNF is bullish. • On daily TF looks sideways. • Can expect a sideways consolidation within 37386-39600, before deciding for the next move.