Thread by @niki_poojary

#BANKNIFTY

US markets took a nosedive post Powell's speech in Jackson Hole.

Let's see how Indian markets will react to it.

Outlook for the week Aug 29 - Sep 2, 2022.

THREAD: Deconstructing BANKNIFTY on 5 different TF's.

#BANKNIFTY

1. Monthly TF:

• Post a bullish marubozu candle, we are witnessing a follow-up trend on the upside.

• Bullish on higher TF.

#BANKNIFTY

2. Weekly TF:

• Post a formation of shooting star, the current week was a indecisive week. (long legged doji)

• On a higher TF the targets of channel BO is still intact of 40140 & 42668.

•However, for the current week 39500 might not be taken out.

#BANKNIFTY

3. Daily TF:

• Inside Bar candle formation in daily.

•Last week on Tuesday BNF opened gap down at 38k levels but recovered swiftly and never gave a closing below 38k. Hence 38k is an imp level on daily TF in BNF.

#BANKNIFTY

5. Hourly TF:

• S/R mentioned on the charts.

• 39500 is the immediate resistance.

#BANKNIFTY
6. 15min TF

• Moving within symmetrical.

• However, looking at the global cues we might open right at the tgt of the BD of this symmetrical triangle.

#BANKNIFTY
Conclusion:

• 38k is a very crucial level.

• If on any day BNF closes below 38k, then we can expect a retracement till retest of the Channel (weekly TF).

• On a higher TF the market is still bullish.

• However for the current week expecting some correction.

If you enjoyed this, then do check out my other threads.

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