Thread by @niki_poojary

#BANKNIFTY

The bulls took the bears by the horns.

Let's check out where from here.

Outlook for the week Mar 6 - 10, 2023.

THREAD: Deconstructing BANKNIFTY on 4 different TF's.

You can also check out video where I have explained, how I do a multi-timeframe analysis & have shared my views on #BANKNIFTY for the upcoming week.

For those of you who prefer to read it lets continue:

#BANKNIFTY

1. Monthly TF:

• So far the pattern we hve seen is after three red cadles (in monthly) a green candle is followed, we just started this month, lets see how we end this month.

• On higher TF the structure is still of HH-HL.

#BANKNIFTY

2. Weekly TF:

• The C&H pattern on Weekly TF is still intact unles 37386 is taken out.

• Bullish engulfing on weekly TF the tgts for the same is shared on the charts.

#BANKNIFTY

3. Daily TF:

• LH-LL structure on daily TF.

• Once the TL is taken out we may see a swift upmove till 43k.

• Lets see if this week we may take out the budget day high.

#BANKNIFTY

4. Hourly TF:

• S/R levels mentioned on the chart.

#BANKNIFTY

Conclusion:

• Currently a buy on dips market.

• As per the bullish engulfing formed in weekly TF we would be seeing an 1700 point upmove in the upcoming weeks.

• This week is a truncated week due to holiday on Tuesday on the occassion of Holi.

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Also check out our #NIFTY analysis for the upcoming week: