Daily market summary for NF and charts, data for NF & BNF -05Jan’21

NF stopped one time frame up on daily time yesterday with outside day.. 14130 was support for the session after neutral extreme up close yesterday.We had a open below 14130 and could not sustain higher above 14130 and had open rej reverse down move in IB time from that POC zone. Probe was for 14085 below 14130 and NF managed to get till 14077 but could not sustain further and later confirmed FA at low. Expectation was to have filling poor value area today and NF though had one time frame up from FA at low till VAH, could not sustain higher above VAH and gone for dVAL probe breaking one time frame up move..And then had a nice bounce to end with spike closing at highs.

Auction pointers from the day :

NF printed neutral extreme auction with spike close..Spike rules apply tomorrow. 14205-14227 spike zone..Acceptance below spike low = weak ; Acceptance in spike and move higher above spike high = strength.

Yesterday observation was that NF started balance for short term.Today's auction of clean one time frame up intra got stopped violently and still gone higher to end with spike added more conviction to this view of balance is here. Spike is mostly seen in balancing auction especially when happens after such disrupt intra auction inside previous day range. Such kind of auction are not carried by one way committed players and sign of two opposite aggressive force trying to control auction hence still in the view that next 1-2 sessions, we could expect balance to continue.

Have kept 14170 as ref to see value higher from this ref to call off balance view..But today we ended with spike so moving ref to 14240-14260 band now to maintain the view of balance and acceptance above this band could negate the view of balance and could look for rally for 14350 in a session or two. Staying below this band, could tuck in the price back into last two days value area.

14170-14190 good support tomorrow and staying above this could probe 14235-14255 and quite bullish above 14265 for 14300/14350.

Failing to sustain above 14235 could fall back to 14190-14170 band and quite weak below 14170 for 14140/14110-14100 if sustains then could get 14060/14030-14020.

Failure to sustain below 14100 could call for violent two way auction between 14100-14200.

Charts and data:

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