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#NIFTY

Bearish engulfing on monthly or bullish harami on Weekly , which one will play out?

Outlook for the week Jan 2 - 6, 2022.

THREAD: Deconstructing NIFTY on 5 different TF's.

 #NIFTY

1. Monthly TF:

• Although the structure in monthly TF is of HH-HL, December monthly candle is a more of a bearish engulfing.

• However it is exactly at the support

• 17800-18000 looks like a strong support.
#NIFTY

2. Weekly TF:

• 17800- 1800 used to be a resistance in April & August 2022.

• However post BO of those levels, they might act as an immediate support.

• Current weekly candle is closer to the support (erstwhile resistance)
#NIFTY

3. Daily TF:

• After a sharp vertical fall, we expected a buying momentum

• Also Nifty filled the Gap.

• Strong support at 17800
#NIFTY

4. Hourly TF:

Moving within the rising channel, albiet the channel is quite steep.
#NIFTY

5. 15 min TF:

• S/R mentioned on the chart.
#NIFTY

Conclusion:

• Expecting market to respect 17975-18000 levels.

• Once it closes and sustains > 18250 then uptrend will resume.
I regularly share weekly outlook on indices (NIFTY & BANKNIFTY) and many more threads on trading & finance.

If you enjoyed this, then do check out the outlook for #BANKNIFTY by clicking here:

https://t.co/P4KGdPmKZk

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