#BANKNIFTY Time to be cautious, expecting a pullback. Outlook for the week Nov 28 - Dec 2, 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. • Current week comments mentioned on the chart. https://x.com/niki_poojary/sta...
#BANKNIFTY 3. Daily TF: • A bit over-streched with consecutive HH -HL formation in daily candle. • 43339 could possibly turn out as the high for the current week.
#BANKNIFTY 4. Hourly TF: • Top formation at the resistance of the rising channel. • Rising wedge (reversal pattern) is under formation, BD of the same will take BNF down by 850 points.
• Although in hourly TF BNF looks ripe for some sell-off, however at higher TF the same would be considered as a healthy pullback or re-test of the BO zone in weekly TF. • 41800-850 would act as a first pullback post BO, good levels to go long for positional players.
#BANKNIFTY 5. 15min TF: • S/R mentioned on the charts.
#BANKNIFTY Conclusion: • Currently expecting a pullback after getting over-streched. • Would look for sell on rise. • A pullback at 41800-850 would be favourable to go long on positional basis.