#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.
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