23-11-2024 | Weekly BNF, NF TA | Price Action after Election result | Dead cat bounce or trend reversal

NF & BNF 23-11-2024

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

Bank Nifty Future:

Weekly TF:

• Last week, BNF broke consolidation range and closed near to low of weekly candle.
• This week we have seen good bullish candle from support region marked last week.
• This week candles retraced > 50% of last week candle and closed near to top of weekly candle.
• Trend line is broke and immediately retraced back upside, and shows buying strength.
• Eventhough candle formation is bullish, we made a Lower Low (LL) formation in weekly TF.
• But still previous Higher Low (HL @ 49815 green zone) pivot of uptrend is still not violated.

Daily TF:

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

• As mentioned in prev post, BNF took support from 500 points range. (49,500-49,800)
• BNF is inside declining channel from ATH, and now moving higher towards upper TL.
• RSI have reversed from HL & MFI is already holding HL for past 4 days.
• MACD is also growing towards zeo line and bearishness is reducing for past 4 days.
• This means trend is turning bearish to neutral, further sideways auction is possible now.
• BNF took support & bounced from avwap (drawn from election result day on June) which is also support zone marked in green.
• Now BNF has resistance in zone of  51400-51600 as marked in red line.

Nifty Future:

Weekly TF:

• Like BNF, NF also took support for green zone, from where BO took NF to ATH.
• Unlike in BNF, NF is below minor pivot of 23,910 which confirms NF is more bearish than BNF.
• NF is still downward forming LH-LL formation of candle, but closed in green near top of candle.
• NF is in falling channel from ATH and moving towards upper TL of channel. Untill NF is in this channel, we can expect it to move lower.
• Extremes of this channel is important place to watch for BO or BD
• We also respected long-term support TL from March 2023 low and bounced higher.

Daily TF:

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

• NF bounced from support marked as green zone also from Fibo support of 23230.
• RSI have bounced from low, but still MFI is holding flat, both are below 50 mark.
• MACD is moving towards zero line.
• Above indicators tells that we are bouncing from support, but along with one day of upmove we need follow through to confirm trend reversal.
• Now FIbo resistance is at 23,130 and Fibo support is at 23,400.
• Avwap resistance from recent Swing High at 24,250 is important reference for Trend reversal.

Acronym:

BNF: Bank Nifty Future.

NF: Nifty Future.

BO: Breakout.

BD: Breakdown.

PA: Price Action.

LH,LL: Lower High, Lower Low

HH,HL: Higher High, Higher Low

TF: Time Frame.

TL: Trend Line.

ATH: All Time High.

PDC: Previous Day Close

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