#BANKNIFTY
Anticipating a 950 point move soon.
Outlook for the week Oct 17 - Oct 21, 2022.
THREAD: Deconstructing BANKNIFTY on 4 different TF's.
Anticipating a 950 point move soon.
Outlook for the week Oct 17 - Oct 21, 2022.
THREAD: Deconstructing BANKNIFTY on 4 different TF's.
#BANKNIFTY
1. Monthly TF:
β’ Bullish view. Erstwhile we had seen that, BNF failed to sustain > 37250-300 in monthly.
β’ However, now the bulls are comfortably holding up levels of 37250-39k in the past 3 months which wasn't the case since Nov 2021 till July 2022.
1. Monthly TF:
β’ Bullish view. Erstwhile we had seen that, BNF failed to sustain > 37250-300 in monthly.
β’ However, now the bulls are comfortably holding up levels of 37250-39k in the past 3 months which wasn't the case since Nov 2021 till July 2022.
#BANKNIFTY
2. Weekly TF:
β’ Erstwhile resistance has now turned into support, and we are still bullish on weekly as well.
β’On weekly TF, currently inside bar formation, and still look positive.
2. Weekly TF:
β’ Erstwhile resistance has now turned into support, and we are still bullish on weekly as well.
β’On weekly TF, currently inside bar formation, and still look positive.
#BANKNIFTY
3. Daily TF:
β’ Consolidating within 38500-39600
β’ Anticipating BNF to break this consolidation soon.
3. Daily TF:
β’ Consolidating within 38500-39600
β’ Anticipating BNF to break this consolidation soon.
#BANKNIFTY
4. Hourly TF:
β’ S/R mentioned on the charts.
β’ Rectangle formation in hourly awaiting a BO or a BD.
4. Hourly TF:
β’ S/R mentioned on the charts.
β’ Rectangle formation in hourly awaiting a BO or a BD.
#BANKNIFTY
Conclusion:
β’ On higher TF i.e. monthly and weekly BNF is bullish.
β’ On daily TF looks sideways, unless 39600 is taken out, post which it will be bullish.
β’ Can expect a strong 950 move at the break of the rectangle.
Conclusion:
β’ On higher TF i.e. monthly and weekly BNF is bullish.
β’ On daily TF looks sideways, unless 39600 is taken out, post which it will be bullish.
β’ Can expect a strong 950 move at the break of the rectangle.
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