17-05-2025 | Weekly BNF, NF TA | Bullish Momentum Continues With Good News After a Pause | Indian Market Update

Index Weekly Update 17-05-2025

Due to conflict between India and Pak, we had a volatile week. But due to good news this week vix get's cooled off. Lets discuss what is ahead for next week.

Bank Nifty Future

1) Weekly TF:

• BNF is near to ATH, and sustaining above Previous swing High is a positive sign.
• BNF negated last week's strong bearish candle week with a gap up & bullish candle close.
• BNF, now in a range between previous ATH and recent swing High taking a pause in HH-HL.
• Last week BNF tested Fibo support level 53580 and bounced back from there.
• Now BNF has AVWAP support at 52680 & Fibo support at 53580.
• Next week is expected to be continuation of sideways, since BNF is within a range.

2) Daily TF:

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

• With a positve news, Monday BNF opened Gapup and formed a strong wide bullish candle.
• But BNF couldn't make new ATH and also there was no follow through for monday's move.
• Last week BNF is able to sustain within Monday's candle range forming inside candles.
• Indicator, RSI followed movement as price (Monday jumped up but couldn't break its high).
• Due to strong gapup, MACD retraced from negative side and stayed near zero line.
• For next week, BNF has resistance around 55,950 & 56,580 and support at 54,380 & 53,950.

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Nifty Future

1) Weekly TF:

• After a small pause for a week, bullish momentum continues in Nifty Futures.
• After the good news on monday opening, NF was more bullish than BNF index.
• NF formed a wide strong bullish candle which also broke previous swing high. (Red zone)
• After a pullback towards Fibo support (24,045), NF moved to next resistance level. (25,150)
• NF also broke above RED AVWAP resistance this week and closed higher.
• NF has resistance around 24,150 to 25,350 and support at 24,700.

2) Daily TF:

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

• Despite BNF is near ATH, NF is still below previous ATH (26,400).
• Last Monday, NF formed strong bullish candle and was able to cross previous swing high to continue bullish momentum.
• Unlike BNF, NF marginally managed to close above Monday's candle range.
• RSI was moving higher forming higher swing lows and now closed above 50.
• MACD remained above zero for the whole week but was not strong enough.
• Both RSI +ve & MACD +ve shows still bullish momentum, but the strength is missing.
• NF possible to go sideways and need fresh buyers to continue 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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