10-03-2025 | Weekly BNF, NF TA | Bearish Trend To Continue | Multiple Test On Support | Indian Market Update

BNF & NF 10-03-2025

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

Bank Nifty Future:

Weekly TF:

• BNF formed a doji candle with long wick on lower side near by consolidation low.
• Today BNF closed negative by closing inside lower wick of previous week.
• BNF has negated strong bullish candle formed on last week of Jan 2025.
• Now it looks like BNF is moving towards to test 48000 and towards lower supports.
• Ignoring last week high (Which is a wick) for past 4 week BNF is forming LH-LL candles
• BNF has Resistance is at 49,270 and support is at 47,500 & 47,235.

Daily TF:

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

• Previous week Thursday we got rejection from Red AVWAP and started to move LH-LL.
• After a two day of upmove, BNF couldn't hold upside, which shows weakness in this sector.
• Now we have immediate resistance marked by Red AVWAP and Red Zone.
• In BNF, RSI formed LH-LL swing near by TL support which is in sync with price.
• MACD which remained negative during this upmove is still below zero.
• For next week, BNF has resistance around 58,900 & support at 48,000, 47,400.

Nifty Future:

Weekly TF:

• NF formed good bullish candle last week but closed near previous weeks high.
• NF is still in LH-LL formation and still there is a gap which is acting as resistance for last week.
• Until we hold below GAP region in NF, we can expect NF to remain sideways to bearish.
• We have resistance marked by Red Avwap and Red zone from where recent fall started.
• NF has resistance at 23100-23000 and support at 21,900 & 21,700.

Daily TF:

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

• Last week NF broke LH-LL formation and moved strong towards upside.
• But again NF faced resistance around the GAP region 22800.
• 22800 is again Fibo retracement resistance level from where NF started to fall.
• RSI moved strong upside last week and forming a swing near 40 level.
• MACD crossed above zero mark and remains strong.
• Both RSI & MACD shows mixed indication, we need follow through to decide strength in NF.

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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