Thread by @niki_poojary

#BANKNIFTY

Outlook for the week April 4-8, 2022

THREAD: Deconstructing BANKNIFTY on 5 different TF's

#BANKNIFTY

1. Monthly TF:

• March was a very volatile month

• However we witnessed a sharp bounce from 32k levels

• Despite LH=LL structure, March closed near higher range of the monthly candle depicting bullish bias

#BANKNIFTY

2. Weekly TF:

• Still trading within the bullish/rising channel

• A break of LH-LL structure would be when BNF sustains >39345

#BANKNIFTY

3. Daily TF:

• After 23 trading days/almost a month BNF closed above 36700 (a top made post declaration of war on Ukraine by Russia)

• April 1, 2022 candle is a strong bullish candle with O=L & C=H (a bullish marubozu) after a long time

#BANKNIFTY

4. Hourly TF:

• 36700 which erstwhile acted as a resistance has now turned into support

• 35800-36k will act as immediate support, as now its a buy on dip market

• As the earnings season round the corner, looks like the buying has resumed ahead of the event

#BANKNIFTY

5. 15min TF:

• On April 1, 2022 had posted a bullish flag formation

• Already achieved 1st tgt, awaiting 2nd tgt

• Don't enter now for this pattern, as R/R would be unfavourable

Conclusion:

• 37800-38k is the immediate resistance

• 35800-36k immediate support

• Uptrend has resumed in daily however in weekly & monthly we need to break & sustain > 39425

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I regularly share weekly outlook on indices (NIFTY & BANKNIFTY) and many more threads on trading & finance.