#NIFTY Bearish engulfing on monthly or bullish harami on Weekly , which one will play out? Outlook for the week Jan 2 - 6, 2022. THREAD: Deconstructing NIFTY on 5 different TF's.
#NIFTY 1. Monthly TF: • Although the structure in monthly TF is of HH-HL, December monthly candle is a more of a bearish engulfing. • However it is exactly at the support • 17800-18000 looks like a strong support.
#NIFTY 2. Weekly TF: • 17800- 1800 used to be a resistance in April & August 2022. • However post BO of those levels, they might act as an immediate support. • Current weekly candle is closer to the support (erstwhile resistance)
#NIFTY 3. Daily TF: • After a sharp vertical fall, we expected a buying momentum • Also Nifty filled the Gap. • Strong support at 17800
#NIFTY 4. Hourly TF: Moving within the rising channel, albiet the channel is quite steep.
#NIFTY 5. 15 min TF: • S/R mentioned on the chart.
#NIFTY Conclusion: • Expecting market to respect 17975-18000 levels. • Once it closes and sustains > 18250 then uptrend will resume.
I regularly share weekly outlook on indices (NIFTY & BANKNIFTY) and many more threads on trading & finance. If you enjoyed this, then do check out the outlook for #BANKNIFTY by clicking here: https://x.com/niki_poojary/sta...