BNF: Last week , Played out all 3 scenarios that we laid
out, a test near 26150, consolidation and 26300 levels and a upward test for
26800 levels.
BNF continues to trade within the trading
range formed on the
1st week of June. Testing the 78.2 %
retracement, from there an upward push up to 27000, 27350 zones is a
possibility. On the downside 26480-580 will support immediate support and a
move below will be a good zone to test for a downward push
Now we could play out the below scenarios
for next week
I.Continue
upwards
to test 27000, 27350 zones or higher, but given OI accumulation at 27000 I will be
cautious for this scenario.
II.Move
below 26750 and test the zones of 26580-480.
III.A
break below 26350 to try and test 26150 and lower levels. Again at this point a
break of 26100 looks difficult this week based on month end OI
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