15-02-2025 | Weekly BNF, NF TA | Bounce getting sold off | Bearish and Inside Candle | Indian Market Update

BNF & NF 15-02-2025

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

Bank Nifty Future:

Weekly TF:

• BNF opened higher near to last week close, but closed lower near to previous week's low.
• Previous week upmove faced resistance from Red AVWAP from recent swing high.
• BNF rejected from resistance zone marked as Red Rectangle and this week continues to fall.
• BNF could not move above 50% Fibo at 50,860 & retraced back into 3 week consolidation range.
• After nside week (indecision of direction near resistance) we need BO above/below for direction.
• Resistance is at 50,860 & 51,300 and support is at 47,500 & 47,235.

Daily TF:

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

• From previous week Friday we formed 4 LH-LL formation, after one day of pause again we closed this Friday with LH-LL formation.
• Wednesday we got first bounce from Green AVWAP support and formed long lower wick candle.
• On Friday, agian we tested Green AVWAP & got lesser range of bounce. (shows some  weakness)
• In BNF, both RSI & MFI formed LH-LL last week in sync with price and both are below 50.
• MACD turned negative below zero on friday. Above Indicators shows neutral sentiment.
• For next week, BNF has resistance around 50,560-860 & support at 49,000, 47,500.

Nifty Future:

Weekly TF:

• NF formed strong bearish candle last week and started LH-LL formation after a pause.
• Last 3 week's candle combined formed Evening star pattern but still we are at support region.
• Until we hold last week's low, we can expect NF to be sideways for next week.
• We have tested this low 22830 twice during past 3 week and last week close is a bearish candle.
• Next week price action is important and bulls should show their strend to move higher.
• NF has resistance at 23740-23850 and support at 22,825, 22,255.

Daily TF:

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

• From last week Monday NF again continued LH-LL formation and confirmed bearish trend.
• NF again reached Green support zone and had good bounce on wednesday but again failed on Friday to close higher.
• This shows price wise we didn't see any strength in market and every pullback is being sold off.
• Both RSI & MFI formed LH-LL and moved below 50.
• MACD also moved below zero mark and started to grow strongly negative.
• All above indicators shows weakness in market and after a brief sideways consolidation hwer we can expect bearishness to continue.

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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