Weekly | 10-08-2024 | Market Update | PA

BNF Weekly: 10-08-2024

In this market update, i will share update about Banknifty index futures traded on NSE.
I will share analysis of Banknifty based on PA.

Price Action:

Weekly TF:

• In weekly TF, BNF bounced back from prev "resistance turned support" zone.
• BNF formed long wick candle, which shows buying intrest at support levels.
• But still couldn't close the gap in weekly TF.

Fibo & TL:

• Along with previous support zone, BNF has bounced from 50% Fibo retracement level.
• We also have TL support near 50% Fibo level, which acted as good support.
• Now the GAP will act as first level of resistance & previous two week's wick region will be second level of resistance. 

 

Daily TF:

RED: AVWAP from 04/07/2024 (Recent Swing High).

GREEN: AVWAP from 24/01/2024 (Swing Low).

VIOLET: Monthly AVWAP from 01/08/2024.

• In Daily TF, from 05/07/2024 MACD turned bearish and BNF made high on 04/07/2024.
• BNF took support from zone explained in above weekly TF analysis.
• RSI is now at TL resistance and MACD slowly moving towards 0 line.
• Now BNF is at Monthly AVWAP, which is acting as resistance now.

 

Acronym:

BNF: Bank Nifty Future.

PA: Price Action.

TF: Time Frame.
TL: Trend Line.

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