04-01-2025 | Weekly BNF, NF TA | Bounce from fall | Sideway or Trend Continuation | Indian Market Update

BNF & NF 04-01-2025

We will discuss about last week price action in Bank Nifty & Nifty Future index.

Bank Nifty Future:

Weekly TF:

• Last week BNF formed small bullish candle which is also an inside bar candle.
• After inside bar, BNF formed neutral candle with wicks on both side and an outside bar.
• After a strong bearish fall, BNF is consolidating near to bottom of bearish candle.
• BNF got rejected from higher price at 50% Fibo resistance (52310) twice.
• This also BNF is howering above TL support, as expected last week we tried to test TL again.
• BNF has formed a range with last two week candle, so until we are in this range, we can expect sideway movement.

Daily TF:

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

• Last week we had a pullback after fall, this week we continued to stay sideways within range.
• This week we started with long wick rejection from 50% retracement level at 52310.
• We also failed to cross above RED VWAP twice during this week.
• In BNF, RSI formed HH-HL last week & MFI formed bearish divergence and stayed below 50.
• MACD was growing positve during this week also but still below zero mark.
• Above three indicators set showing expectation for next week.
• For next week also, BNF has resistance around 52,300 & support at 50,700.

Nifty Future:

Weekly TF:

• Last week NF formed small inside candle near to bottom of previous week bearish candle.
• NF took support from GREEN AVWAP again for third week this time.
• NF formed outside candle this week with long wick at bottom of the candle.
• This week NF closed above previous week close but below 50% of previous fall.
• NF agaon got bounce from long term TL for 3rd time in weekly TF.

Daily TF:

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

• NF formed a range during previous week and continued inside the range during start of this week.
• NF tested the range low and got bounced from the low which is also GREEN AVWAP support.
• RSI continued to form HH-HL & MFI also made new HH-HL and both are at 50.
• MACD is growing positive and turned above 0 during last 2 days of upmove.
• Above indicators shows short term trend is sidways to bullish, but we need follow through.
• 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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