BNF : BNF last week closed with substantial gains of 1.30%, and saw an overall volatility of 1137 pts. BNF saw mostly range bound moves in terms of movement during the week along with trending upward after breakout above 42800, mostly positive bias, index opened flat extended the gains, and rose on Thursday and on Friday. Set up in the index remained neutral to bullish undertone, buy on dips inline with Nifty. Going ahead, the structure and texture of the index remained neutral with positive bias expected, the index closed above 43000 close to new ATH and was likely looking for further upside direction above 43500. On a daily time frame 43000 remains a very crucial level for support, remain buy above this level and sell below this. As per weekly option data highest OI buildup on PE at 43K followed by 42.5K, and on CE at 43000/43200, whereas 43000 remain as max pain point with combined premium of approx 470 pts in total of OI 76.4 lacs both PE & CE. Technically, as long as BNF held above 42900 it remained positive, on the flip side if broken, 42500/300 could be revisited. The index found tough resistance around 43600-700. The index had underperformed the Nifty in the last one month. Last week as we mentioned the index remained volatile. Going ahead, the index may find volatility to trigger further above 43500 and below 43000.
Weekly Technical Update #NIFTYBANK
