#BANKNIFTY Pullback after Six weeks of HH-HL formation. BNF also broke the rising channel. Outlook for the week Dec 19 - Dec 23, 2022. THREAD: Deconstructing BANKNIFTY on 4 different TF's.

#BANKNIFTY 1. Monthly TF: • Bullish view. At fresh ATH closing on monthly basis (Nov) • Looks very promising at higher TF, post BO > 41800. • However for the current month some sellers have emerged at 44k levels, however too early to comment on monthly.

#BANKNIFTY 2. Weekly TF: • C&H BO on weekly TF, targets mentioned on the tweet linked here. • Post six weeks of consecutive HH-HL formation i.e. extended move BNF corrected from higher levels.

#BANKNIFTY 3. Daily TF: • As per FIBO, retracement of 38.2%, the level works out to 41567 which is near the zone of 41530-41840 i.e. strong buy zone in weekly TF, as this level would act as the re-test of the C&H BO.

#BANKNIFTY 4. Hourly TF: •Moving within the rising channel • Had shared the rising channel in the past week and had mentioned a clear fall of 980 could be witnessed post BD of the channel. • Second tgt of the same is pending. • S/R levels mentioned.

• Although in hourly/daily TF BNF looks ripe for some pullback, however at higher TF the same would be considered as a healthy pullback or re-test of the BO zone in weekly TF. • 41530-840 would act as a first pullback post BO, good levels to go long for positional players.

#BANKNIFTY Conclusion: • Currently expecting a pullback after getting over-streched in weekly. • A healthly pullback is required before the next upmove. • A pullback at 41530-850 would be favourable to go long on a positional basis.

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