Daily market summary for NF and charts, data for NF & BNF -11Dec’20

NF had stopped one time frame up move on daily time frame on Thursday.With this info and further from structure of last two days auction, expectation was to have balance in last 2days range and sustained rally got lesser odds. Buyers had a edge at close above dVAH and holding 13490 probe upside was for 13580 and NF gone for this via open drive in IB.Then gone for tight short covering auction which could not sustain well above PDH and left FA at top and gone down. Move below 13510 was expected to probe till 13430 and NF gone for this via neutral auction and imbalance down. It could not sustain below PDL and left large buying tail to close at VWAP as neutral center profile.

Pointers from auction :

NF printed outside day – immediate reaction after outside day is to look for balance inside prev day range if there is no effort to sustain away from outside day range early in the day.

It has left FA at top and gone for neutral auction. Acceptance of FA at top is for continuation of trend upside till then skew is for sideways to downside to test large tail zone left at lower today.

Large tail at low of the day becomes good swing support for the coming week. Should not accept much in that tail in coming week and any test there should be rejected quick to remain sideways to bullish.

3days composite shown below suggesting a day or two balance possible further before moving away much from this 3days range.

For next session, holding below 13550 probe is for 13500-13490 if sustains then 13460-13430 and weak below 13430 for 13380/13350.

Above 13550 could test 13575-13590 and bullish above 13595 FA zone for 13630-13650/13690-13710.

Failing to sustain below 13460 could move back to 13510/13540/13570-13590.

Charts :

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Data

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Notes :

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