Thread by @niki_poojary

#NIFTY

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 NIFTY on 5 different TF's.

#NIFTY

1. Monthly TF:

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

• Bullish on higher TF.

• However NF faced a resistance (black TL).

#NIFTY

2. Weekly TF:

• Formation of shooting star at resistance, with a follow up confirmation in the last week

• On a higher TF, expecting NF to make a fresh ATH.

• However, for the current week we might see sellers dominating.

#NIFTY

3. Daily TF:

• In the past 4 trading session, unable to cross high of Aug 22 candle.

• 17700 likely to go to 0 for the current week.

•Closing below 17350 on daily might open the levels for 16600.

#NIFTY

4. Hourly TF:

• S/R mentioned on the chart.

#NIFTY

5. 15min TF:

• Although a BD of the clean black TL would have given a good trade, but following global cues tomorrow we are looking at a gap down opening.

• Look for negative candle formation if prices comes near this TL for re-test during the current week.

Conclusion:

•17700 might act as a stiff resistance for the current week.

• Expecting some healthy correction before the next leg up.

• Closing below 17350 on daily might open the levels for 16600.

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

https://twitter.com/niki_poojary/status/1563937800214286337?s=20&t=CyCM2rBbF_lYOM8aRbgXuw