BNF 06-11-2024
We will discuss about Bank Nifty Future index TA w.r.t PA.
Price Action
Weekly TF:
- BNF consolidated for 4 weeks in a range of 2,290 points.
- This week we have bullish candle with buying wick and closed today near to top of the range.
- If we have good follow through buying, then possibility of ATH is visible from here.
- we have resistance on higher side in weekly at 53010 & 53730.
- Thre rising channel from 2023 November still valid & continues to move well inside it.
Daily TF:
Indicators: RSI, MFI, MACD, VOL (as per order in chart)
In Daily TF,
- Both RSI & MFI formed HH-HL formation & both are rising above 50 mark.
- MACD is also growing stronger from 29/10/2024.
- This means trend is up but we can see consolidation or pullback inbetween.
- BNF is at resistance zone from where sellers were able to push it down.
- BNF also have given close above TL BO drawn from gap down on 03/10/2024.
- Higher resistance have been marked in above chart with GAP zone as next strong resistance.
- BNF has GAP up open today and still it is open wrt PDC, so untill this gap holds, we are in uptrend.
Daily Fibo:
- We continue to move higher inside parallel channel from 25/10/2024.
- We have formed Higher low on 05/11/2024 and formed Higher high today.
- BNF is at resistance of selling wick as explained above & also in Fibo resistance at 52772.
- BNF had a close above AVWAP resistance from ATH (Red) and had a follow through today.
- Support AVWAP(Green) from swing low is now at 51,760 which is trend invalidation level.
Acronym:
BNF: Bank Nifty Future.
PA: Price Action.
TF: Time Frame.
TL: Trend Line.
ATH: All Time High.
PDC: Previous Day Close
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