As compared to Nifty in previous analysis BNF is showing much more bearishness and has corrected about 15% from the top whereas Nifty is around 10%. The previous rally that started on 30th Aug. is completely wiped out which in itself is not a good sign. Though BNF is hovering near support it had a great opportunity to break past the triangle pattern in smaller TF which it did but the rally faded away and turned into sell off of almost 800 pts. from the top on last trading session. In addition to this RSI has taken resistance near 40 levels which indicates a further selling.
All-in-all BNF may retest the previous low 35300-35350. If further selling prevails it may push BNF to 34800-34850 and 34400-34500 levels.
All-in-all BNF may retest the previous low 35300-35350. If further selling prevails it may push BNF to 34800-34850 and 34400-34500 levels.
Comment:
Breakdown and closed below the trendline
Comment:
Fake out and upmove