21-03-2025 | Weekly BNF, NF TA | Big Bullish Candle | Trend Reversal Or Pullback | Indian Market Update

BNF & NF 21-03-2025

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

Bank Nifty Future:

Weekly TF:

• BNF formed a strong wide range bullish candle and closed near previous swing resistance.
• LH-LL formation for past 5 weeks have been broken and covered the whole range.
• But BNF still closed at resistance and need to have a follow through move towards upside.
• We have Previous swing resistance (RED Zone), Fibo 50% resistance and RED AVWAP from ATH confluenced at 50,900.
• BNF has Resistance is at 50,800-900 and support is at 49,430.

Daily TF:

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

• Last week we tested previous swing low and got rejected back upside on 11032025.
• From 11032025, we started moving upside with HH-HL formation, which shows bullishness.
• This week we covered entire fall from recent swing high and closed near week high.
• Now we have immediate resistance marked by Red Zone & Red AVWAP at 50,870.
• In BNF, RSI formed LH-LL and crossed above TL which is in sync with price movement.
• MACD which remained negative for long time have turned positive and moved up.
• For next week, BNF has resistance around 50,870 & support at 49,950, 49,430.

Nifty Future:

Weekly TF:

• After an Inside candle, NF formed strong wide range bullish candle from support zone.
• NF is forming HH-HL in weekly TF and covered 80% for previous fall.
• NF tested TL from ATH & also near Red Avwap  resistance which coincide with Fibo level.
• NF has resistance at 23,500 and support at 23,120.

Daily TF:

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

• Despite BNF testing previous swing low, NF held well above it.
• NF formed sideways range and gave BO on Tuesday, from which formed HH-HL.
• 22480 is Fibo retracement resistance and also resistance from RED AVWAP.
• RSI formed HH-HL and broke a swing high in sync with price during last week.
• MACD which was above zero, moved higher this week which confirmed bullish momentum.
• Both RSI & MACD shows bullishness, we need follow through near resistance to move up.

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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