Interesting Days ahead for Bank Nifty Lovers.
I am trying to apply basic Candlestick knowledge to BNF Chart on higher TFs & results are worth pondering. Let’s look at BNF with Top Down approach. I have shared my observations from Monthly, Weekly to Daily TF in following image. Its evident from higher TF – Big Market Makers were Bearish since beginning & they wanted to break this market anyhow. Last week news was a golden opportunity for them to crack almost 2k points in mere 2 daily candles. Then entire weekly scenario has changed. Now if we touch back to yellow marked levels this week, we may see some push back by Bears towards down side. Needless to mention, we have Biggest annual event this week, hence anything looking impossible – can happen. We might have to throw Technical out of the window in case it becomes a news driven scenario! Still I feel, levels will be respected both on higher & lower side.
You can see in above image, we have Evening Star kind of pattern on monthly TF followed by a strong Engulfing last week followed by a Doji this week. If this Doji turns into hammer this week, we may see a rally till 41700 – 42000 level followed by a push back then. On the other hand, we have Doji on Daily TF too which indicates either a Pause in fall or possibility of retracement.