#BANKNIFTY
Outlook for the week March 21-25, 2022
THREAD: Deconstructing BANKNIFTY on 5 different TF's
Outlook for the week March 21-25, 2022
THREAD: Deconstructing BANKNIFTY on 5 different TF's
#BANKNIFTY
1. Monthly TF: Two more weeks to go for this month, however so far on monthly a strong pinbar at crucial support
1. Monthly TF: Two more weeks to go for this month, however so far on monthly a strong pinbar at crucial support
#BANKNIFTY
2. Weekly TF: Structure of LH-LL.
However last two weeks strong bullish candle under formation
2. Weekly TF: Structure of LH-LL.
However last two weeks strong bullish candle under formation
#BANKNIFTY
3. Daily TF: 36700 is an imp level; erstwhile support may turn into a resistance.
Friday's candle has an upper wick indicating presence of sellers at higher levels.
Also everyday gap of 500-800 points is not sustainable.
3. Daily TF: 36700 is an imp level; erstwhile support may turn into a resistance.
Friday's candle has an upper wick indicating presence of sellers at higher levels.
Also everyday gap of 500-800 points is not sustainable.
#BANKNIFTY
4. Hourly TF: No clear pattern, as it was a V shaped recovery with so many gaps.
S/R mentioned on the chart.
4. Hourly TF: No clear pattern, as it was a V shaped recovery with so many gaps.
S/R mentioned on the chart.
#BANKNIFTY
5. 15 min TF: for the past two days the momentum is done in the opening itself and thereafter BNF remained sideways.
5. 15 min TF: for the past two days the momentum is done in the opening itself and thereafter BNF remained sideways.
Conclusion:
1. As mentioned everyday gap ups cant sustain long.
2. Although b2b two weeks candles are bullish however the structure of LH-LL still indicates a weak structure.
1. As mentioned everyday gap ups cant sustain long.
2. Although b2b two weeks candles are bullish however the structure of LH-LL still indicates a weak structure.
3. Imp to see this weeks move:
• whether it sustains at the higher level (i.e a pause before the next leg of upmove).
• or fizzles out due to any adverse news globally.
• whether it sustains at the higher level (i.e a pause before the next leg of upmove).
• or fizzles out due to any adverse news globally.
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