#BANKNIFTY
US markets took a nosedive post Powell's speech in Jackson Hole.
Let's see how Indian markets will react to it.
Outlook for the week Aug 29 - Sep 2, 2022.
THREAD: Deconstructing BANKNIFTY on 5 different TF's.
#BANKNIFTY
1. Monthly TF:
• Post a bullish marubozu candle, we are witnessing a follow-up trend on the upside.
• Bullish on higher TF.
#BANKNIFTY
2. Weekly TF:
• Post a formation of shooting star, the current week was a indecisive week. (long legged doji)
• On a higher TF the targets of channel BO is still intact of 40140 & 42668.
•However, for the current week 39500 might not be taken out.
#BANKNIFTY
3. Daily TF:
• Inside Bar candle formation in daily.
•Last week on Tuesday BNF opened gap down at 38k levels but recovered swiftly and never gave a closing below 38k. Hence 38k is an imp level on daily TF in BNF.
#BANKNIFTY
5. Hourly TF:
• S/R mentioned on the charts.
• 39500 is the immediate resistance.
#BANKNIFTY
6. 15min TF
• Moving within symmetrical.
• However, looking at the global cues we might open right at the tgt of the BD of this symmetrical triangle.
#BANKNIFTY
Conclusion:
• 38k is a very crucial level.
• If on any day BNF closes below 38k, then we can expect a retracement till retest of the Channel (weekly TF).
• On a higher TF the market is still bullish.
• However for the current week expecting some correction.
If you enjoyed this, then do check out my other threads.
I regularly share weekly outlook on indices (NIFTY & BANKNIFTY) and many more threads on trading & finance.
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.