Thread by @niki_poojary

#BANKNIFTY

No follow through as BNF is stuck in a large range in daily TF.

Weekly TF IB range for the past 4 weeks.

Outlook for the week Jan 17- 20, '23.

THREAD: Deconstructing BANKNIFTY on 4 different TF's.

#BANKNIFTY

1. Monthly TF:

• In the month of November we witnessed a fresh ATH on closing basis and in December too managed to close well above those levels.

• Too early to comment on Jan month.

• However, in the higher TF, the structure is of HH-HL is still intact.

#BANKNIFTY

2. Weekly TF:

• C&H BO on weekly TF, targets mentioned on the tweet linked here.

• 41800 -41675, a good zone to accumulate as the full target of C&H is above 51k.

• IB formation in weekly TF.

https://twitter.com/niki_poojary/status/1591755919506821120?s=20&t=mV4A4Yz5y_kuk_HRhY0cDQ

#BANKNIFTY

3. Daily TF:

• 41500 -41700 is a buying zone on daily TF.

• Important to watch out for BNF's PA near 42700 level.

#BANKNIFTY

4. Hourly TF:

• Currently moving within a rectangle.

• S/R levels mentioned.

#BANKNIFTY

Conclusion:

• Since past weeks BNF has formed an IB range, a directional move is soon on the cards

• Multiple rectangle formations in hourly and daily as well.

• On higher TF the structure is bullish.

Other factors:

• Global markets stability is a positive.

• Kick started earnings season, HDFCBANK delivered good results so far.

• ICICBANK results are scheduled for upcoming Saturday i.e. Jan 21, '23.

• Major upcoming event: Budget (Feb 1, '23)

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