03-06-2025 | MID Week BNF, NF TA | Breakout Failure or Retracement From Range High | Indian Market Update

Index Weekly Update 03-06-2025

We have started new JUNE month series with positive note, now lets analyse Bank Nifty & Nifty 50 index price action for this week.

Bank Nifty Future

1) Weekly TF:

• As discussed in prev post, BNF is mildly bullish & closed last week above previous week's high.
• This week BNF went above previous week's high but got rejected from the resistance zone.
• Still we have 3 more days for this week and BNF is still above previous week's open.
• Last 4 week BNF formed HH-HL structure which confirms mild bullishness inside consolidation.
• After a bullish week, if BNF couldn't close above resistance zone, then there is risk of liquidation.
• Untill BNF hold 50% of previous week's range, we are still bullish.
• Now BNF has resistance around RED zone & support at 54650.

2) Daily TF:

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

• As marked in above chart, BNF is facing resistance and got rejected today.
• Last two day's wick will act as immediate support zone and PA at this zone should be monitored.
• Testing wick should bring in demand to push the index higher, else there is risk of downmove.
• BNF formed HH-HL structure for last 4 days, but close near day low today shows weakness.
• Indicator, RSI made new swing high and turned back, but still above 50 mark & previous swing.
• MACD continued to roam around zone and there is no strength on either side (indecision).
• Now BNF has resistance around 56,300 and support at 55,700 & 55,080.

---------------------------------------------------------------------------------------------------------------------------

Nifty Future

1) Weekly TF:

• Last two week NF formed inside candle, which shows pause in uptrend at resistance.
• At resistance, NF is facing resistance, today we closed below previous week's close..
• If we close below previous weeks close, then it shows wekaness and we may test GREEN VWAP.
• After bullish candle, NF formed doji candle last week, which turns NF from bullish to sideways.
• NF has resistance around 25,150 and support at 24,450 (Bullish candle low & Green AVWAP).

2) Daily TF:

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

• NF was in range for last 17 days and today it has reached consolidation range low.
• After a bounce from GREEN AVWAP on monday, today's closing is sign of weakness.
• RSI formed divergence, RSI made a new swing low but price is still above previous swing.
• MACD is still negative and started to show negative strength, which is mild bearish.
• Both RSI & MACD are -ve and only price is holding the range, which shows mild bearishness.
• NF need to show strength at GREEN AVWAP to move upside, else we may test previous price swing low.

---------------------------------------------------------------------------------------------------------------------------

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 🕮

---------------------------------------------------------------------------------------------------------------------------

"This Content Sponsored by Buymote Shopping app

BuyMote E-Shopping Application is One of the Online Shopping App

Now Available on Play Store & App Store (Buymote E-Shopping)

Click Below Link and Install Application: https://buymote.shop/links/0f5993744a9213079a6b53e8

Sponsor Content: #buymote #buymoteeshopping #buymoteonline #buymoteshopping #buymoteapplication"

---------------------------------------------------------------------------------------------------------------------------