01-02-2025 | Weekly BNF, NF TA | Bounce After False Breakdown | Doji candle after Budget | Indian Market Update

BNF & NF 01-02-2025

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

Bank Nifty Future:

Weekly TF:

• BNF opened lower as expected last week, but closed higher forming a strong bullish candle.
• Due to positive budget expectation, BNF has good upmove last week and closed higher.
• Again BNF closed in resistance zone where previous two weeks it got rejected.
• BNF could not close above 50% Fibo resistance at 50,040 & above (Red) resistance zone.
• BNF shows bullishness in weekly candle and also formed outside bar with positive close.
• Resistance is at 50,040 & 50,770 and support is at 47,420 & 47,235.

Daily TF:

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

• As expected we opened lower on Monday, but there was no aggressive selling by end of day.
• Tuesday we opened higher and moved back inside consolidation zone, which confirmed weakness in selling and buyers will try to push price to other extreme of the range.
• Along with this positive expectation of budget, pushed BNF higher every day in last week.
• By Friday we reached resistance zone high by formed back to back green candle.
• On Budget day we closed flat since positive expectation was already factored in.
• In BNF, both RSI & MFI formed HH-HL last week and both are above50.
• MACD turned firmly positive above zero line and growing postive higher.
• All above indicators shows positive sentiment in market.
• BNF is now again at consolidation high & we need bullish follow through to sustain this uptrend.
• For next week, BNF has resistance around 50,650-800 & support at 48,900-49,290.

Nifty Future:

Weekly TF:

• NF broke LH-LL formation of previous 3 week and closed as bullish candle.
• Last 2 week's candle range has been engulfed this week and closed higher shows positive sentiment to continue.
• Until we hold last 2 week's high, we can expect NF to be bullish and this week's low is important swing point for bulls.
• Break down below previous swing low(18112024) didn't continue and also closed higher.
• We got upmove exactly from 22825, which is marked in previous post of our blog.
• Next week price action is important and bulls should show their strend to move higher.
• NF has resistance at 23740, 23900 and support at 22,825-23,020.

Daily TF:

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

• Monday NF opened below previous range and moved further lower, which confirmed bearishness.
• At the same time NF has strong reference level at 22845 (Marked as red line,  we have marked in our previous blog also).
• Tuesday NF opened higher and closed almost near to open of Monday candle.
• This has signalled trend reversal, also monday sellers were trapped at bottom and short covering might happen in following days.
• Both RSI & MFI formed HH-HL and moved above 50.
• MACD also moved above zero mark and started to make new high everyday.
• All above indicators confrmed bullishness and followthrough on next day for the whole week.
• NF has resistance at 23,740 & 24,000 and support at 23,300 & 22840.

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.

Keep Learning 🕮

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