Thread by @niki_poojary

#BANKNIFTY

Gap up opening, followed by some sell off and last hour sharp recovery is the current template.

Can expect a momentum soon!

Outlook for the week Nov 21 - Nov 25, 2022.

THREAD: Deconstructing BANKNIFTY on 5 different TF's.

#BANKNIFTY

1. Monthly TF:

• Bullish view. At fresh ATH closing on monthly basis (Oct)

• Looks very promising at higher TF, post BO > 41800.

#BANKNIFTY

2. Weekly TF:

• C&H BO on weekly TF, targets mentioned on the tweet linked here.

• Expecting a big move in BNF > 52k which will take several months.

#BANKNIFTY

3. Daily TF:

• Since its a buy on dips market, there isn't much clear momentum on the downside.

• Similarly buyers are waiting for a pullback to go long as the R/R is not favourable currently.

• A gap up opening post that some sell off therafter sharp recovery in the last hour is the ongoing pattern.

• A small retracement/pullback would be beneficial.

#BANKNIFTY

4. Hourly TF:

• Moving within the rising channel.

• S/R mentioned on the charts.

• 41800-850 would act as a first pullback post BO, good levels to go long on positional basis.

#BANKNIFTY

5. 15min TF:

• Moving within the rising channel

#BANKNIFTY

Conclusion:

• Currently trading at blue sky zones, so clearly a buy on dips market.

• No clear momentum, but expecting a trending move soon, especially considering this as a monthly expiry.

• A pullback would make the R/R favourable for going long.