(No) is a word of deter and rebuke from a proceeded matter. Meaning, the previous matter should not have happened, which is the human’s arrogance. However, when Allah (swt) restrains the slave from the arrogance, then, He is providing advice, education and guidance. At first, restraining may deter him, such as, Allah (swt) says in another verse:
{كَلَّا إِنَّ الْإِنسَانَ لَيَطْغَىٰ % أَن رَّآهُ اسْتَغْنَىٰ}
(No! [But] indeed, man transgresses % Because he sees himself self-sufficient.) (Al-Alaq: 6-7)
One of human’s characteristics is transgression, which is to overstep the limit, especially, when he becomes fully self- sufficient with his health, money and position so be becomes arrogant and thinks he is eternal in this universe. Hence, Allah (swt) is saying (No!) to him.
بَلْ (But): Meaning that you do not restrain from the previous mentioned actions, you turn away from sincerity to Allah (swt) and you ignore His signs in the universe and in yourself!!
If you have pondered upon these signs you would not have denied the Resurrection and Judgement Day.
Let’s here note the style of speech; Allah (swt) moved from addressing a single human being (O Man) to plural (you) , He (swt) did not say: (O Man, you deny the Recompense) because the word الْإِنسَانُ (Man) means plural although it is singular, as if Allah (swt) is speaking to all mankind.
Denying the Judgement Day is the reason of every sin, inattentiveness and going out of Allah’s (swt) method and being unprepared to meet Him.