30-11-2024 | Weekly BNF, NF TA | GAP UP Price Action due to Election result | Are we ready for ATH ?

NF & BNF 30-11-2024

We will discuss what happened after election result on 23112024 in Nifty & Bank Nifty Future index w.r.t PA.

Bank Nifty Future:

Weekly TF:

• Last week, BNF showed good bullish candle and positive close after testing support as drawn in above picture.
• This week we have GAP UP open and closed as bullish candle by holding the gap.
• But BNF has tested previous resistance and got rejected and confirmed resistance above.
• This week candle also closed below mid-point of this weeks range, which shows selling pressure from high.
• Also we have again closed inside previous 7 week's consolidation range.
• We need a strong close above this consolidation range and follow through to continue higher.
• We have support at 51455 and GAP range itself is a good support.

Daily TF:

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

• After good bounce from support, we opened GAP UP and it was near parallel channel's upper TL, so we faced resistance on monday.
• BNF consolidated for 3 days on higher range and gave BO on upside and faced resistance from red zone.
• After gap up, both RSI & MFI is in HH-HL trend and both closed above 50 this week.
• MACD is also growing stronger with positive bias during last week.
• Above three indicators are showing bullish momentum till now and also price is holding higher.
• BNF is also facing resistance from (RED) AVWAP from higher swing, which shows confluence of resistance higher.
• Now BNF has resistance around 52740 & support at 51740.

Nifty Future:

Weekly TF:

• NF bounced from green zone, and formed long legged bullish doji candle last week.
• But NF is still in LH-LL trend from ATH, still couldn't broke this setup in this upmove.
• NF is at first resistance of 24470 and closed below it this week, next resistance is at 24840.
• NF closed above channel from ATH and shows initial stage of reversal, but it is still not yet confirmed.
• We need to close a week above 24640-840 zone to confirm reversal of trend.

Daily TF:

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

• NF opened this week with GAP up and also above channel high, but still we are not in reversal.
• Confluence of resistance by Green AVWAP(24360) & Fibo(24370) was strong to hold upmove.
• Both RSI & MFI formed HH-HL trend and closed this week above 50
• After Gap up open, MACD turned positive and moved higher
• Above indicators shows short term trend have reversed, but NF is at resistance zone.
• To confirm trend reversal, we need to sustain above 24650 which is the recent swing high & also Red AVWAP from ATH.

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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