#NIFTY
Faced resistance at 18115 i.e. near highs of April 2022
Outlook for the week Sep 19 - Sep 23, 2022.
THREAD: Deconstructing NIFTY on 4 different TF's.
#NIFTY
1. Monthly TF:
• Current month unable to sustain near August close.
• Sellers presence > 18k.
• NF would underperform BNF (due to sectors like IT, Metals, Pharma).
#NIFTY
2. Weekly TF:
• Bearish engulfing under formation, however need to wait for the confirmation.
• On a higher TF, expecting NF to make a fresh ATH in the upcoming months.
• However, for the current week we might see sideways action with some -ve bias.
#NIFTY
3. Daily TF:
• Closed well below low of Sep 14 candle.
• 18100 CE likely to go to 0 for the current week.
•Closing below 17150 on daily might open the levels for 16750.
#NIFTY
4. Hourly TF:
• S/R mentioned on the chart.
Conclusion:
•18115 might be the ceiling for the current week.
• Expecting some healthy correction before the next leg up for ATH in coming months, before the end of 2022.
• Closing below 17350 on daily might open the levels for 16750.
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I regularly share weekly outlook on indices (NIFTY & BANKNIFTY) and many more threads on trading & finance.
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