Thread by @niki_poojary

#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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