Thread by @niki_poojary

#BANKNIFTY
Faced resistance at 41830 i.e. near highs of October 2021

Outlook for the week Sep 19 - Sep 23, 2022.

THREAD: Deconstructing BANKNIFTY on 4 different TF's.

#BANKNIFTY

1. Monthly TF:

• Third consecutive month of upmove, although faced resistance at 41830

• Buy on dips market on higher TF

• Expecting a sideways/consolidation i.e. halt candle in the month of Sep 2022

#BANKNIFTY

2. Weekly TF:

• After several weeks, witnessed long upper wicks indicating sellers presence at higher levels.

• 2nd tgt for the channel BO will take few more weeks to achieve.

• Prior to that BNF might consolidate before the next leg of upmove.

#BANKNIFTY

3. Daily TF:

• IB formation in daily

• Sellers have entered near 41800-41500 levels

• Consolidation range 39600-41500

#BANKNIFTY

4. Hourly TF:

• S/R mentioned on the charts.

• Rising channel BD on hourly, tgts marked on the charts (refer chart 2)

#BANKNIFTY
Conclusion:

• On a higher TF the structure is bullish, indicating buy n dips market.

• Sellers have entered near 41800-41500 levels and hence some sideways consolidation can be expected for the current week

• Range 39600-41500

Strategy: to play strangles unless the range gets broken on either decisively.

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