Daily market summary for NF and charts, data for NF & BNF -03Nov’20

NF had a three days balance with rejection in 11700-11740 zone via FA and selling tails whenever visited. If no attempt today to accept this zone, then PLR (path of least resistance) was expected down towards 11600/11550 zone. If accepts 11740 with value then expected a zip through move inside previous weekly balance till 11850/11900 zone.NF gone for acceptance above 11740 right at open with gap with good volumes then held the gap and made the short covering move till 11844 today.It could not scale 11850 and remained as P profile with close above dPOC..

NF has negated 28th Sell off with a value higher today.

NF has clean 3days balance down and rejected the same and moved higher with value higher and closed above dPOC.

Both of the above is bullish sign and its buyers job to get further follow through holding 11740-11700 zone..Below 11700 its weak to travel down in last 3 days balance.

We have a mega event tomorrow hence could expect some news based moves..Tracking levels may not help much..

Still for the guidelines, scenario could be,

Holding above 11780 move is for 11850/11900-11920/11950 and bullish above 11950 for 12050/12100-12150/12260.

Failure to sustain below 11700 and acceptance above 11750 could be also bullish as stated above..

Move below 11780 could test 11740/11700 and weak below 11700 for 11660/11560..Quite weak below 11560 for 11450/11395/11295/11190.

Charts and data :

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