08-12-2024 | Weekly BNF, NF TA | Trend Continuation and Range Breakout | Move towards New High | Indian Market Update

BNF & NF 08-12-2024

We will discuss about last week prce movement after 30112024 in Nifty & Bank Nifty Future index.

Bank Nifty Future:

Weekly TF:

• BNF formed bullish candle but closed inside consolidation range in last week.
• This week, BNF confirmed BO from the range and formed strong bullish candle in weekly TF.
• This week formed HH-HL candle with close above previous week but faced resistance higher.
• 30092024 week BNF formed wide red candle, which has been countered this week.
• Previous resistance zone now turned into support zone and new resistance zone is marked in red.
• Now we have a range for consolidation, red zone above and green zone as support.
• BNF expectation for next week is to hold this range before making next trend move.

Daily TF:

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

• BNF was able to hold higher price last week above GAP formed before last week.
• During last week, BNF continously formed HH-HL candle in all 5 days of week.
• In BNF, both RSI & MFI formed HH-HL & moved higher above 50 .
• MACD was positve during previous week and last week also it continued bullish bias.
• Above three indicators are showing bullish momentum is strong and also price moved higher.
• BNF is also facing resistance from red zone which is a GAP zone before selling started.
• Now BNF has resistance around 54,000-54,220 & support at 53,050-53,250.

Nifty Future:

Weekly TF:

• NF bounced from previous week close to make HH-HL during last week and closed near to high.
• NF broke LH-LL formation from ATH, and also closed above previous swing made during fall.
• NF faced resistance once it enters red zone which is also 50% retracement from ATH.
• NF broke channel from ATH and closed outside channel.
• Now NF has resistance at 25000, 25210 and support at 24300.

Daily TF:

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

• NF broke & closed above previous week's range on monday itself and continued HH-HL formation.
• NF formed wide range candle on Thurdsay which is going to be range for next week.
• Both RSI & MFI formed HH-HL trend and moved above 80.
• MACD which was bullish during gap up and this week also it was bullish
• Above indicators shows short term trend is bullish, but we are near resistance.
• NF has support at 24300, which is also support from AVWAP from swing low.

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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