#BANKNIFTY
Markets continued the uptrend and marked a fresh closing high on monthly basis.
Outlook for the week Sep 12 - Sep 16, 2022.
THREAD: Deconstructing BANKNIFTY on 5 different TF's.
#BANKNIFTY
1. Monthly TF:
• Third consecutive month of upmove, although Sep month has just started.
• Buy on dips market
• Expecting a halt candle in the month of Sep 2022
#BANKNIFTY
2. Weekly TF:
• Witnessed a strong closing in the past week.
• The 2nd tgt for the channel BO is pending which will take few more weeks to achieve.
• Closed >40k for two consecutive days.
#BANKNIFTY
3. Daily TF:
• Indecision bar in daily
• Sellers have entered near 40600-700 levels
• Consolidation range 39000-41000.
#BANKNIFTY
5. Hourly TF:
• S/R mentioned on the charts.
#BANKNIFTY
6. 15min TF
• Levels to watch for: 39988 & 40482
#BANKNIFTY
Conclusion:
• On a higher TF the structure is bullish, indicating buy n dips market.
• Sellers have entered near 40600-700 levels and hence some sideways consolidation can be expected for the current week
• Expecting sideways with bullish bias.
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