#BANKNIFTY Will BNF BO > 41800 post this eventful week? Outlook for the week Oct 31 - Nov 3, 2022. THREAD: Deconstructing BANKNIFTY on 4 different TF's.
#BANKNIFTY 1. Monthly TF: • Bullish view. At fresh ATH closing on monthly basis. • Looks very promising at higher TF. • Will outperform Nifty.
#BANKNIFTY 2. Weekly TF: • Expecting a C&H formation followed by a BO, we had discussed the same in our workshop on Oct 16, 2022 •Waiting for a confirmed BO, but the targets for this one is just stupendous, will share the exact target post a BO.
Expecting this tgt 2 of channel BO to get achieved within few weeks. However once C&H BO happens, will share huge targets. https://x.com/niki_poojary/sta...
#BANKNIFTY First week of Nov is full of events: • Nov 2 (Wed): FOMC rate hike, expecting 75 bps hike • Nov 3 (Thur): RBI Monetary policy
#BANKNIFTY 3. Daily TF: • Last week we expected a small pause in the truncated week, which it did. • Expecting a pause before the cat is out of the bag, so by Thursday we might see a BO. • Once the event unfolds, we may see clear direction i.e. BO > 41800.
#BANKNIFTY 4. Hourly TF: • S/R mentioned on the charts.
#BANKNIFTY Conclusion: •Monthly, weekly & daily TF BNF is bullish. •Clearly a Buy on dips market. •Fed & RBI policy scheuled in this week. •BNF may take major direction(upside bias) post these events. •Major banks have delivered strong numbers, SBIN results awaited.