Thread by @niki_poojary

#BANKNIFTY
Our markets are opening with a gap down due to imported weakness, however it recovers strongly during the session.

Lets see what's in store for the upcoming week.

Outlook for the week Sep 5 - Sep 9, 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.

• In the month of July & august 2022 we have witnessed a rise of ~20%

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2. Weekly TF:

• Witnessed a strong closing in the past week.

• Currently consolidating within the 2000 point range, since its near the resistance we are expecting a BO

• However always better to wait for a confirmation before taking the trade.

#BANKNIFTY

3. Daily TF:

• Inside Bar candle formation in daily.

•Consolidation range 37950 -39760, a BO or BD of this range would give a strong momentum.

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5. Hourly TF:

• S/R mentioned on the charts.

• Rectangle formation in hourly

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6. 15min TF

• Keep an eye on the black upward sloping TL.

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Conclusion:

• On a higher TF the structure is bullish, however in monthly we can expect a pause before the next upmove.

• On hourly a rectangle is under formation, a BO or BD will have a momentum of 1600-1800 points

• Expecting sideways with bullish bias.

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