28-12-2024 | Weekly BNF, NF TA | Pause in Down Trend | Pullback or Turn Around | Indian Market Update

BNF & NF 28-12-2024

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

Bank Nifty Future:

Weekly TF:

• Last week BNF formed bearish candle which closed back inside consolidation of Nov month.
• This week, BNF formed small bullish retracement candle which is less than 50% of last candle.
• It is a inside candle this week which made a pause to the fall in last week.
• BNF is in a sideway range with resistance at 54640 & support at 49900.
• Last week fall got arrested at 78% Fibo level and this week retracement went till 50% of the fall.
• BNF also has TL support for long time, we may test this once again next week.
• Since this week is last week of 2024, volume are less and went into sideways.
• BNF expectation for next week is to continue this sideway range or max to test the support below at green zone.

Daily TF:

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

• After BO above consolidation of OCT & NOV, BNF gave a BO on upside during December.
• Last week BNF came back into consolidation range again and tested 78% Fibo level of upmove.
• During last week, BNF formed inside candle for 2 days which arrested the fall and broke LH-LL structure.
• In BNF, both RSI & MFI formed HH-HL last week & moved higher above 40.
• MACD was growing positve during previous week but still below zero mark.
• Above three indicators are showing sideway movement is expected.
• BNF is also facing resistance around GAP zone which formed on 19122024, from where BNF got rejected on thursday.
• Now BNF has resistance around 52,300 & support at 50,700.

Nifty Future:

Weekly TF:

• Last week NF formed bearish candle which broke HH-HL structure in weekly TF.
• This fall happened from the expected resistance zone marked as red in our earlier post.
• Also NF fell from 50% Fibo level retracement from ATH which is confluence of TA.
• This week NF got bounced again from AVWAP (Green) drawn from Election result candle.
• NF got bounce also from long term TL which is being held in last fall also.
• Now NF has resistance at 24850 and support at 23300.

Daily TF:

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

• NF formed a series of LH-LL formation from 16122024 & it got broken last week.
• NF formed inside candle for 4 days which gave a pause for this downmove.
• RSI formed HH-HL & MFI is yet to confirm HH-HL and both are above 40.
• MACD is growing positive last week but still below 0 which is a warning sign for this pullback.
• Above indicators shows short term trend is sidways, reversal is not yet confirmed.
• NF has support at 23480-630, 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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