Weekly | 15-09-2024 | Market Update | PA

 BNF Weekly: 15-09-2024

We will discuss about how BNF performed w.r.t our last post on 07-09-2024 and further PA of BNF.

Price Action

Weekly TF:

• In weekly TF, BNF formed a strong bullish outside candle.and closed inside red zone.
• BNF has bounced from "two doji" weekly candle region adn engulfed previous week bearish candle.
• Two doji candle with good lower shadow & this week strong bullish candle with good lower shadow shows the bullishness in market.
• TL on weekly TF is also broken and closed inside red zone. Now next week if we are able to sustain above this bullish candle, then can see more upside.

Daily TF:

Indicators: RSI, MFI, MACD, VOL (as per order in chart)

In Daily TF, 

• Both RSI & MFI has formed HH-HL formation, MFI also started to move higher.
• MACD has started to moveup from thrusday and is showing bullishness now.
• Now BNF is at resistance of 29/07/2024 candle (Long wick).
• During this upmove, BNF moved formed Bullish candle with good volume and pullbacks have lower volume. Now sustaining above Thursday candle high will give further upmove.

Daily Fibo:

• We have moved up from 61.8-78% fibo level as marked in prev. post.
• We are moving in parallel channel as marked in above chart.
• We have first target of 52,320 which is also long wick of 29/07/2024.
• All three AVWAP have converged towards 51,400, which will act as support if there is pullback in uptrend.

Acronym:

BNF: Bank Nifty Future.

PA: Price Action.

TF: Time Frame.

TL: Trend Line.

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