Thread by @niki_poojary

#BANKNIFTY
Expecting a sideways consolidation, before deciding for the next trend.

Outlook for the week Oct 10 - Oct 14, 2022.

THREAD: Deconstructing BANKNIFTY on 5 different TF's.

#BANKNIFTY

1. Monthly TF:

• Bullish view. Erstwhile we had seen that, BNF failed to sustain > 37250 in monthly.

• However, now the bulls are comfortably holding up levels of 37250-39k in the past 3 months which wasn't the case since Nov 2021 till July 2022.

#BANKNIFTY

2. Weekly TF:

• Erstwhile resistance has now turned into support, and we are still bullish on weekly as well.

•On weekly TF a hammer has been formed near important support, however we need to wait for a strong confirmation

#BANKNIFTY

3. Daily TF:

• Looks sideways with a 2200 point range of 37386- 39600

• Expecting some sideways consolidation within this 2200 point range before deciding for the next move.

• Since the past three trading days BNF has been closing at 39100 levels.

#BANKNIFTY

4. Hourly TF:

• S/R mentioned on the charts.

#BANKNIFTY

5. 15min TF:

• Check the upward sloping black TL.

#BANKNIFTY

Conclusion:

• On higher TF i.e. monthly and weekly BNF is bullish.

• On daily TF looks sideways.

• Can expect a sideways consolidation within 37386-39600, before deciding for the next move.