#BANKNIFTY Gap up opening, followed by some sell off and last hour sharp recovery is the current template. Can expect a momentum soon! Outlook for the week Nov 21 - Nov 25, 2022. THREAD: Deconstructing BANKNIFTY on 5 different TF's.
#BANKNIFTY 1. Monthly TF: • Bullish view. At fresh ATH closing on monthly basis (Oct) • Looks very promising at higher TF, post BO > 41800.
#BANKNIFTY 2. Weekly TF: • C&H BO on weekly TF, targets mentioned on the tweet linked here. • Expecting a big move in BNF > 52k which will take several months. https://x.com/niki_poojary/sta...
#BANKNIFTY 3. Daily TF: • Since its a buy on dips market, there isn't much clear momentum on the downside. • Similarly buyers are waiting for a pullback to go long as the R/R is not favourable currently.
• A gap up opening post that some sell off therafter sharp recovery in the last hour is the ongoing pattern. • A small retracement/pullback would be beneficial.
#BANKNIFTY 4. Hourly TF: • Moving within the rising channel. • S/R mentioned on the charts. • 41800-850 would act as a first pullback post BO, good levels to go long on positional basis.
#BANKNIFTY 5. 15min TF: • Moving within the rising channel
#BANKNIFTY Conclusion: • Currently trading at blue sky zones, so clearly a buy on dips market. • No clear momentum, but expecting a trending move soon, especially considering this as a monthly expiry. • A pullback would make the R/R favourable for going long.