25-01-2025 | Weekly BNF, NF TA | Major Support couldn't hold | Bearish Trend Continues | Indian Market Update

BNF & NF 25-01-2025

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

Bank Nifty Future:

Weekly TF:

• BNF again formed long wick rejection candle near bottom of strong bearish candle.
• After 16/12/24 weeks fall, long upper wick candles are formed which is followed by strong bearish candle during 06/01/24.
• Now last two week again consecutive rejection of higher price, now expectation is bearish trend to follow.
• BNF has resistance around 50% Fibo resistance at 50,040.
• BNF also broke long-term TL support, which cofirmed lower prices in coming days.
• Long-term Horizondal support from JUNE 2024 has now fliped to Resistance at 49,570-49,870.

Daily TF:

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

• Last week Monday we started with strong bullish candle, but faced rejection from Red zone.
• Again we got rejected from RED zone and tested the lower swing support during this week.
• BNF has confluence of resistance above from Red zone, Red AVWAP & Fibo level at 50015.
• In BNF, RSI formed LH-LL last week & but MFI formed HH-HL and both are below 50.
• MACD was howering around zero line indicating sideway bias.
• BNF is now again at swing low support & untill 48375 hold, we can expect sideways to continue.
• For next week also, BNF has resistance around 49,570 & support at 48,375, 47300.

Nifty Future:

Weekly TF:

• For Last 3 week NF is forming LH-LL bearish candle and now at support.
• Last 2 week's candle range is well below the low of past few week's low 23,500.
• Until we hold last 2 week's high, we can expect NF to be bearish.
• NF has confirmed bearish trend, since it has broke recent pivot swing low and formed LH-LL.
• Also NF broke long-term TL from MARCH 2023, high chance of visit to nearby consolidation.
• NF has lower support at 22,620-22,820.

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 this week also.
• NF tested the range low and got bounced from the GREEN ZONE low.
• RSI is sideways and MFI formed HH-HL, but both are below 50.
• MACD is growing positive , but still below 0 during last week.
• Above indicators didn't confirm any reversal in trend and trend is sidways to bearish.
• NF has resistance at 23,525 and support at 22830.

Acronym:

BNF: Bank Nifty Future.

NF: Nifty Future.

BO: Breakout.

BD: Breakdown.

HH-HL: Higher High, Higher Low

LH-LL: Lower High, Lower Low

TF: Time Frame.

LT: Long Term

ST: Short Term

ATH: All Time High.

PA: Price Action.

PDC: Previous Day Close

TL: Trend Line.

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