26-04-2025 | Weekly BNF, NF TA | May Month Series Started With Sell Off | Indian Market Update

Last week ended March month series and from friday May monthly expiry series started to trade with sell off. Lets discuss what is ahead for this month.

Bank Nifty Future

1) Weekly TF:

• BNF made new ATH last week, but couldn't sustain above previous swing high.
• BNF formed long wick Gravestone doji candle, which shows rejection from higher price.
• Last 3 week, BNF is still in HH-HL formation, but rejection shows there might be a pause.
• But BNF still managed to close above previous weeks high and previous swing high.
• BNF faced good resistance at nearby fibo level of 56,090.
• Now we have new Trendline drawn from recent swing low and horizontal support at 52,000.
• BNF Resistance is at 56,090 and support is at 53,400.

2) Daily TF:

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

• Last week Monday, BNF opened Gapup, made new ATH and closed as strong bullish candle.
• BNF went nearby fibo level of 56,090 and faced rejection on wednesday.
• BNF got support from Green AVWAP and managed to close above Monday's open.
• Indicator, RSI retraced little lower which is in sync with price movement and closed above 50.
• MACD which remained positive is also sloping down after making swing high..
• For next week, BNF has resistance around 55,140 & 56,090 and support at 54,640 & 54,400.

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Nifty Future

1) Weekly TF:

• After a strong bullish candle, Last week NF continued bullish momentum but faced resistance.
• But Weekly candle managed to close above previous swing high at 23,900.
• NF resistance: Fibo level of 24450 and RED AVWAP at 24700 and horizontal line at 24,640.
• Rejection from higher price indicate there might be a pause in uptrend and sideways move.
• NF has support at previous swing high 23850 and Fibo support at 23500.
• NF has resistance around 24,450 to 24700.

2) Daily TF:

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

• Despite BNF making new ATH, NF is still 7% away from previous ATH (26,400).
• Except last Monday, NF struggled to move higher and formed multiple doji candles.
• NF faced rejection from Fibo level of 24450 which is closer to RED AVWAP resistance.
• RSI slipped from higher levels due to the fall in price which shows weak momentum.
• MACD also declined after making a swing high, but still above zero mark.
• Both RSI +ve & MACD +ve shows still bullish momentum, but the strength is missing.
• NF possible to go sideways and need fresh buyers near resistance to go higher.

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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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