BNF 17th May prognosis

Yesterday's price action in BNF (Bank Nifty) indeed delivered a classic case of 'Look Above and Fail' while highlighting the significance of visual references. BNF opened significantly higher than the previous day's close, cleared the previous day's high, but immediately encountered strong selling pressure right at the previous week's Point of Control (POC). This led to a rapid decline, stopping at the poor low, which acted as a critical visual reference indicating the sellers hadn't yet probed deeply enough.

Following this initial sharp decline, a customary bounce was followed by another intense sell-off, taking BNF down to 47340 levels swiftly. However, the bulls then gathered momentum, launching a robust 500-point rally only to face resistance once again, and BNF fell back to the previous low. In an impressive display of strength, the bulls dug in deeper and managed to drive the price above the day's high in a breathtaking rally, stopping once again at the previous week's POC of 48050

Key Observations:

1. Outside Day: Yesterday was an outside day, which means the value area extended to both sides with the TPOC (Time Point of Control) and VPOC (Volume Point of Control) migrating upward. This indicates a broadening of the range and increased participation at higher levels.

2. Poor Low at 47340: The poor low left at 47340 signifies that the sellers have not pushed deeply enough. It can also serve as a critical point for buyers to defend in future sessions.

Outlook for Tomorrow:

Given the action-packed trading day and the upcoming long weekend, tomorrow's opening and subsequent price movement will be crucial. Here are the key levels and scenarios to watch:

1. Upside Potential: Sustaining Above 48050: If BNF opens and sustains above 48050, the targets are set at the AB poor high of 48200, followed by 48350, and potentially 48500. This scenario would indicate continued bullish momentum and the clearing of key resistance levels.

2. Downside Potential:Dipping Below 47900: If BNF dips back below 47900, it might lead to the clearance of the poor low at 47340. This move would suggest a continuation of the selling pressure and could target lower support levels.


Yesterday's price action was reminiscent of the dramatic plot of "Karan Arjun." Much like Rakhi losing her sons (the market dipping sharply) and repeatedly chanting "Mera Karan Aayega" (hoping for a recovery), we saw the market ultimately recover dramatically, akin to the triumphant return of Karan and Arjun. Whether we see another dramatic rally or a fresh sell-off, the price action around these key levels will be telling.

Conclusion:

In summary, the market dynamics observed yesterday provide essential insights for tomorrow's trading. The key references remain around the POC levels, with 48050 acting as a pivotal resistance and 47340 as critical support. Traders should watch these levels closely for signs of sustained movement or potential reversals, keeping in mind the broader market sentiment and the impact of the upcoming long weekend.

383

ASHOKA

BB BLAST CANDIDATE
SL 20SMA BEOLW

GO LONG

4147

401 still in buying range

2313

2315

909 , still in buying range

3802

267

😜😜😜😜

Ab bolo ❤️

BNF 21May prognosis

BNF's activity today illustrated a classic short covering day with notable characteristics:

1. Opening and Initial Movement:
BNF opened slightly lower than yesterday's close.
It dipped down to find support at the previous day's Point of Control (PD POC) around 47750 levels, then bounced back.
During the B period, BNF tested the lows again but left an AB poor low before racing upwards, indicating strong support and short covering.

2. Intraday Rotation:

For the majority of the day, BNF rotated between 48190 and 48000 levels.
A P-shaped profile developed, typically indicative of short covering.
A PPOC formed at 48100 levels, with the value area, VPOC, and TPOC migrating higher.

3. Key Visual References:

A prominent ledge formed at 48020 (S) levels.
There are notable poor highs at 48190 and poor lows at 47760, indicating the presence of short-term traders and potential areas for future price action.

Prognosis for Tuesday:

Key Support and Resistance Levels:

48000:

This is a critical zone, having acted as strong support today with multiple attempts to breach it being thwarted by buyers.

Above 48000:

Sustaining above 48000 is crucial for an upward move.Clearing 48200 opens the pathway to targets at 48350 and 48500 levels.

Below 48000:

Opening and sustaining below 48000 increases the possibility of retesting weak references at 47760 (AB poor low).
Further downward movement could see a test of 47340 (another AB poor low).

Conclusion:

BNF's movement today, characterized by strong support at key levels and short covering, suggests that 48000 is a pivotal level.
How the price interacts with this level will be key for determining the direction in the coming sessions.
Sustaining above 48000 could lead to an upward move towards higher targets, while falling below could lead to testing lower support levels.

As per me Bn was range bound because ..
1. Three expiries
2. Thursday two up and down moves done so Friday job done on thursday.
3. Overnight three nights risk so operators not interested to carry heavy positions..

Can this be Look above and fail for Crude?

Observing for price action at 19:00 (IST)

No position till 19:00

ES: 17th May

Overnight inventory is 90%+ long.So as per Dalton, ~70% chances of inventory correction.
Poor high on top suggests competitive selling. 5320 (POC) is the key.

Any close below this can clear PD close and ON poor low

Good fall before the open.
Post that Range bound so far!

Very tight market. Struggling to push below previous day low