TODAY'S LOW 21821 LOWER SIDE CAPPED TODAY AND GOOD MOVE ON UPSIDE & FIRST BULLISH CLOSE

Today's low 46893 lower side capped & good strong support bullish reversal move done as per our technical chart 📈

BNF 14May prognosis

Yesterday's trading action in BNF was characterized by an Open Test Drive (OTD), with the market opening right at the previous day's (PD) close before initially moving upward. However, it faced rejection from the singles at 47550 levels, leading to a swift downward movement towards the support zone around 47900. Despite this initial setback, BNF demonstrated considerable resilience and staged a sharp recovery in the D period.

After a brief pause, BNF once again experienced a dip below the volume-weighted average price (VWAP), surprising many traders and triggering stop-loss orders. However, the market swiftly reversed course and initiated a staggering rally of over 700 points, closing near the day's high.

The significant move during the J period created singles between 47550 and 47650 levels, indicating a double distribution pattern. These levels will likely be crucial for today's trading activity. Breaching this zone could lead to a further decline towards 47900 levels. On the other hand, staying above this zone and experiencing a bounce could target the previous G2 high. Subsequently, the singles at 47950 levels may serve as the next resistance, followed by a potential target of 48200, where the AB poor high acts as a key visual reference.

Given the expiry of FINNIFTY today, expect the unexpected

BNF: 15May prognosis

Today's trading in BNF resembled the complex relationships in the movie "Silsila," with price action (aka Amitabh Bachchan) moving back and forth between key levels like characters played Jaya Bachchan, and Rekha. Despite a stormy start with a wide opening range of 330 points, BNF remained within this range throughout the day, gradually tightening as trading progressed. This led to the development of a prominent Point of Control (PPOC) at 47830 levels, indicating a fair price for transactions.

Visual references such as the AB poor low and poor high suggest significant market dynamics. The AB poor low, formed during a sharp downturn from the day's high, implies strong support in this region. Similarly, the poor high and an elongated ledge with clustered lows around 47350 levels indicate the presence of short-term players in the market.

Tomorrow's trading will be crucial, with different scenarios depending on price behavior. If the price sustains below 47830, I'll be monitoring for a potential Look Below and Fail (LBF) or continue (LBC) scenario around 47600 levels. A successful LBF could lead to a move towards the previous day's high, while an LBC might indicate further downside towards 47300 - 47000 levels.

Conversely, if the price sustains above 47850, I'll be watching for a Look Above and Fail (LAF) or continue (LAC) scenario. A rejection after clearing the previous day's high could lead to a move towards the previous day's low. However, if the price continues to move up, we might see a move towards 48200 - 48350 levels.

With BNF expiry tomorrow, expect heightened volatility and potential fireworks!

#Sastasundar
Cmp 294
Double bottom also symmetrical triangle pattern breakout
Aiming for 380-400

Look above and fail: Perfect case study. Price opens, goes above PD; Is rejected. Goes down and clears previous day low. That we had AB poor low was additional magnet to attract price down.

BNF 16May prognosis

Today's trading session in BNF provided a classic example of a 'Look Above and Fail' scenario. BNF opened above the previous day's close, the price managed to creep up and clear the singles at 47950, only to face resistance from trapped longs and sellers, resulting in a downward move for the rest of the day, punctuated by a short bounce towards the close. Overall the value area overlapped to lower, with VPOC and TPOC migrating down.

While it wasn't a trending day, the grinding downward movement created a rotational environment, leading to the development of a prominent Point of Control (PPOC) at 47600. The price action also cleared the singles both on the top (at 47950) and bottom (at 47535), leaving behind a poor low at the latter level. The formation of a 'b' shape profile suggests that this was likely more of a long liquidation or profit booking rather than fresh selling.

Looking ahead to tomorrow, if the price opens and sustains above the previous day's PPOC at 47660, we might encounter resistance at 47900 - 48000 levels. Clearing this resistance zone could pave the way for further upside towards 48050 - 48200. On the other hand, if the price opens and sustains below 47600, it might clear the poor low at 47535. A break below the support at 47500 could lead to further downside towards 47000 - 46900 levels.

Tomorrow's trading session might be crucial in determining whether the market continues its downward rotation or manages to find support and bounce back towards higher levels.

SUMMIT SECURITIES
SL 20SMA BELOW
BB BLAST CANDIDATE

VIEW Go long

What a perfect 'Look above and Fail'
Testing Poor low. Now this is a weak low. and has high probability of clearing this.

BNF Balance zones

OMG! What a trade.
Love MP

Balance zones: and cost basis

22432 high

48052 + high