Weekly | 21-09-2024 | Market Update | PA

 BNF Weekly: 21-09-2024

We will discuss about how BNF performed w.r.t our last post on 15-09-2024 and further PA of BNF.

Price Action

Weekly TF:

• BNF had good follow through bullish candle with strong close near to week high.
• Weekly close is above resistance zone marked as red region.
• BNF also made new ATH and closed this week into ATH.
• Once the TL is broke, we had a nice bull run for this week and now we have confluence target of 54250-550, but we can expect a pullback or consolidation here.

Daily TF:

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

In Daily TF, 

• Both RSI & MFI formed HH-HL formation & MFI moved into overbought zone and now at 90.
• MACD is also growing stronger from 12/09/24.
• Now BNF is at ATH, untill trend is bullish we should see further upmove.
• For last two days sellers tried to enter (upper wicks), but buyers are strong to take up BNF higher.
• During this upmove, BNF formed Bullish candle with good volume, so untill we have a reversal signal we should follow Buy On Dip strategy.

Daily Fibo:

• We continue to move higher in parallel channel as marked in above chart.
• We have completed 2% fibo extension from swing low.
• BNF is also at resistance zone with new ATH, so we can expect some profit booking here.
• Support AVWAP(Green) from swing low is now at 52,100.
• Due to price moving very fast, AVWAP are little lower. Now price may slow down so that AVWAP can try to move higer & catch up price.

Acronym:

BNF: Bank Nifty Future.

PA: Price Action.

TF: Time Frame.

TL: Trend Line.

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