16-11-2024 | Technical Analysis | Weekly BNF, NF Analysis | Market Update | Price Action | Nifty & Bank Nifty Future Index Analysis

NF & BNF 16-11-2024

We will discuss about Nifty & Bank Nifty Future index TA w.r.t PA.

Bank Nifty Future:

Weekly TF:

• BNF consolidation continued for 5th week and this week we are closing near lower range.
• This week we have strong bearish candle with long body and selling wick at top.
• We have also broke & close below TL from June 2022 low which is again bearish sign.
• BNF is now in descending channel and now near to lower line of channel. 
• We are near to previous support zone (Green zone) from where it went to make new ATH.

Daily TF:

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

• Both RSI & MFI formed new low & both are below mid range and above 30.
• MACD is also growing bearish stronger for last 3 days.
• This means trend is strongly down and not yet reached oversold region yet..
• BNF is near avwap support (drawn from election result day on June) which coincide with support zone marked in green.
• BNF has near term Fibo support at 49,720 which is inside green support zone.
• Many confluence of support is there below 500 points in range. (49,500-49,800)

Nifty Future:

Weekly TF:

• NF is in downward trend for past last 7 weeks which is clear from LH-LL formation of candle.
• Next support for NF is marked by support area in green zone, from where BO took NF to ATH.
• We also have long-term support Trend Line from March 2023 low as support nearby.
• NF is in falling channel from ATH and this week also it faced rejection from channel high.

Daily TF:

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

• RSI formed LH-LL formation, but still MFI is holding, but both are below 50 mark.
• MACD is growing bearish from 3 day before.
• This means trend is down but looks not yet done with selling, we may see further fall in NF.
• NF has support zone marked as green zone in 300 pts below.
• FIbo support for NF is also at 23,400 and next one inside green zone at 23,230.
• Confluence of support is at 23,200 which has Fibo + green zone + AVWAP + Falling channel support.

Acronym:

BNF: Bank Nifty Future.

NF: Nifty Future.

BO: Breakout.

PA: Price Action.

TF: Time Frame.

TL: Trend Line.

ATH: All Time High.

PDC: Previous Day Close

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