#NIFTY
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 NIFTY on 5 different TF's.
#NIFTY
1. Monthly TF:
• Post a bullish marubozu candle, we are witnessing a follow-up trend on the upside.
• Bullish on higher TF.
• However NF faced a resistance (black TL).
#NIFTY
2. Weekly TF:
• Formation of shooting star at resistance, with a follow up confirmation in the last week
• On a higher TF, expecting NF to make a fresh ATH.
• However, for the current week we might see sellers dominating.
#NIFTY
3. Daily TF:
• In the past 4 trading session, unable to cross high of Aug 22 candle.
• 17700 likely to go to 0 for the current week.
•Closing below 17350 on daily might open the levels for 16600.
#NIFTY
4. Hourly TF:
• S/R mentioned on the chart.
#NIFTY
5. 15min TF:
• Although a BD of the clean black TL would have given a good trade, but following global cues tomorrow we are looking at a gap down opening.
• Look for negative candle formation if prices comes near this TL for re-test during the current week.
Conclusion:
•17700 might act as a stiff resistance for the current week.
• Expecting some healthy correction before the next leg up.
• Closing below 17350 on daily might open the levels for 16600.
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
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