Thread by @niki_poojary

#NIFTY

Expecting a BO this week after a huge consolidation on weekly TF

Outlook for the week Oct 31 - Nov 3, 2022.

THREAD: Deconstructing NIFTY on 5 different TF's.

#NIFTY

1. Monthly TF:

• Current at ATH on monthly closing basis

• Expecting NF to make a fresh ATH in the upcoming months.

• 17400 looks like a strong support.

#NIFTY

2. Weekly TF:

• So far 5x the resistance has been tested and hence the probability of BO is very high

• Also there is a clear pole and a flag formation. Have tweeted the same on Oct 9, 2022

#NIFTY

3. Daily TF:

• Post a W formation, NF moved swiftly up

• A BO is soon on the cards

• Closing > 18100 on daily is required for a fresh ATH in NF.

#NIFTY

4. Hourly TF:

• S/R mentioned on the chart.

• Moving within this rectangle (refer chart 2)

#NIFTY

5. 15min TF:

• Moving within the rising channel

#NIFTY

First week of Nov is full of events:

• Nov 2 (Wed): FOMC rate hike, expecting 75 bps hike

• Nov 3 (Thur): RBI Monetary policy

Conclusion:

• Monthly, weekly & daily TF NIFTY is bullish.

•Clearly a Buy on dips market.

•Fed & RBI policy scheuled in this week.

• Major BO is soon on the cards, for a fresh ATH in NIFTY

I regularly share weekly outlook on indices (NIFTY & BANKNIFTY) and many more threads on trading & finance.

If you enjoyed this, then do check out the outlook for #BANKNIFTY by clicking here: