#BANKNIFTY
After a fantastic Diwali run-up are we going to see some profit booking or a change in the trend?
Outlook for the expiry week Nov 20- 24, 2023.
THREAD: Deconstructing BANKNIFTY on 4 different TF's.
After a fantastic Diwali run-up are we going to see some profit booking or a change in the trend?
Outlook for the expiry week Nov 20- 24, 2023.
THREAD: Deconstructing BANKNIFTY on 4 different TF's.
#BANKNIFTY
1. Monthly TF:
• After 5 months of stupendous rally from March 31 till July '23, some profit booking has set in at higher levels.
• Sharp recovery was witnessed from 42100 levels from Oct lows.
• HH-HL structure intact.
1. Monthly TF:
• After 5 months of stupendous rally from March 31 till July '23, some profit booking has set in at higher levels.
• Sharp recovery was witnessed from 42100 levels from Oct lows.
• HH-HL structure intact.
#BANKNIFTY
2. Weekly TF:
• Structure still in LH-LL, clearly indicating sell on rise.
• Negative weekly candle near the resistance.
2. Weekly TF:
• Structure still in LH-LL, clearly indicating sell on rise.
• Negative weekly candle near the resistance.
#BANKNIFTY
3. Daily TF:
• Witnessed a 500 point gap up on Wednesday and a 500 point gap down last week (Wednesday & Friday)
• 43500 has been tested several times, if that is broken then again some downside.
• BD of the steep rising channel.
3. Daily TF:
• Witnessed a 500 point gap up on Wednesday and a 500 point gap down last week (Wednesday & Friday)
• 43500 has been tested several times, if that is broken then again some downside.
• BD of the steep rising channel.
4. 15min TF:
• Broke the HH-HL structure now, indicating a clear Sell on Rise.
• As mentioned in the earlier post, if we see a BD of the rising channel, we might witness a fall of 625 points.
• S/R levels mentioned on the chart.
• Broke the HH-HL structure now, indicating a clear Sell on Rise.
• As mentioned in the earlier post, if we see a BD of the rising channel, we might witness a fall of 625 points.
• S/R levels mentioned on the chart.
#BANKNIFTY
Conclusion:
• After a sharp V shape recovery, we are again witnessing some sell off as BNF is unable to sustain at higher levels, and the weekly structure of sell on rise still continues.
Conclusion:
• After a sharp V shape recovery, we are again witnessing some sell off as BNF is unable to sustain at higher levels, and the weekly structure of sell on rise still continues.
#BANKNIFTY
Conclusion cont.:
• BNF & NF are not in sync right now. BNF is a clear sell on rise, however Nifty is still not in a -ve structure as BNF is.
Conclusion cont.:
• BNF & NF are not in sync right now. BNF is a clear sell on rise, however Nifty is still not in a -ve structure as BNF is.
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