#BANKNIFTY
Expecting a sideways consolidation, before deciding for the next trend.
Outlook for the week Oct 10 - Oct 14, 2022.
THREAD: Deconstructing BANKNIFTY on 5 different TF's.
#BANKNIFTY
1. Monthly TF:
• Bullish view. Erstwhile we had seen that, BNF failed to sustain > 37250 in monthly.
• However, now the bulls are comfortably holding up levels of 37250-39k in the past 3 months which wasn't the case since Nov 2021 till July 2022.
#BANKNIFTY
2. Weekly TF:
• Erstwhile resistance has now turned into support, and we are still bullish on weekly as well.
•On weekly TF a hammer has been formed near important support, however we need to wait for a strong confirmation
#BANKNIFTY
3. Daily TF:
• Looks sideways with a 2200 point range of 37386- 39600
• Expecting some sideways consolidation within this 2200 point range before deciding for the next move.
• Since the past three trading days BNF has been closing at 39100 levels.
#BANKNIFTY
4. Hourly TF:
• S/R mentioned on the charts.
#BANKNIFTY
5. 15min TF:
• Check the upward sloping black TL.
#BANKNIFTY
Conclusion:
• On higher TF i.e. monthly and weekly BNF is bullish.
• On daily TF looks sideways.
• Can expect a sideways consolidation within 37386-39600, before deciding for the next move.
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