Thread by @niki_poojary

#BANKNIFTY

Will BNF BO > 41800 post this eventful week?

Outlook for the week Oct 31 - Nov 3, 2022.

THREAD: Deconstructing BANKNIFTY on 4 different TF's.

#BANKNIFTY

1. Monthly TF:

• Bullish view. At fresh ATH closing on monthly basis.

• Looks very promising at higher TF.

• Will outperform Nifty.

#BANKNIFTY

2. Weekly TF:

• Expecting a C&H formation followed by a BO, we had discussed the same in our workshop on Oct 16, 2022

•Waiting for a confirmed BO, but the targets for this one is just stupendous, will share the exact target post a BO.

Expecting this tgt 2 of channel BO to get achieved within few weeks.

However once C&H BO happens, will share huge targets.

https://twitter.com/niki_poojary/status/1553900844726095872?s=20&t=8H71IZqHyKulwGbIE2JyVg

#BANKNIFTY

First week of Nov is full of events:

• Nov 2 (Wed): FOMC rate hike, expecting 75 bps hike
• Nov 3 (Thur): RBI Monetary policy

#BANKNIFTY

3. Daily TF:

• Last week we expected a small pause in the truncated week, which it did.

• Expecting a pause before the cat is out of the bag, so by Thursday we might see a BO.

• Once the event unfolds, we may see clear direction i.e. BO > 41800.

#BANKNIFTY

4. Hourly TF:

• S/R mentioned on the charts.

#BANKNIFTY

Conclusion:

•Monthly, weekly & daily TF BNF is bullish.

•Clearly a Buy on dips market.

•Fed & RBI policy scheuled in this week.

•BNF may take major direction(upside bias) post these events.

•Major banks have delivered strong numbers, SBIN results awaited.