#BANKNIFTY As expected BNF trading at blue sky zone,whats next from here, lets find out! Outlook for the week Nov 14 Nov 18, 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 keep outperforming Nifty.
#BANKNIFTY 2. Weekly TF: • C&H BO on weekly TF, targets mentioned on the charts, along with SL basis the chart pattern. • Expecting a big move in BNF > 52k which will take several months.
Expecting this tgt 2 of channel BO to get achieved within few days. https://x.com/niki_poojary/sta...
#BANKNIFTY 3. Daily TF: • A doji at blue sky zone indicates indecision, so need to wait for follow up candle to make a conclusion for the week. • However its a clear buy on dips market.
#BANKNIFTY 4. Hourly TF: • S/R mentioned on the charts. • Moving within the rising channel. • 41300 zone is a good level to go long in case any reversal pattern. • 40800-850 would act as a first pullback post BO, good levels to go long on positional basis.
#BANKNIFTY Conclusion: • Currently trading at blue sky zones i.e. untested zones, so clearly a buy on dips market. • Would remain watchful at 41300 and 40800-850 zones to go long. •Tgt of C&H BO = BNF >52k which will take several months.