Daily market summary for NF and charts, data for NF & BNF -13Jan’21

NF had a double distribution trend day with skew with buyers at close yesterday. Expectation was buyers to move away from yday auction early..NF acceptance above 14620 was expected to probe 14650-14670. NF had a open at PDH zone and held 14620 and gone for 14660 during IB time. Failing to sustain above 14620 was expected to make balance in 14570-14620 zone which happened in mid session post IBL break. Considered weak below 14565 for 14525 then 14480-14460 probe which NF probed in closing session and had a good bounce leaving tail at low and closed at dPOC.

Pointers from the day :

Yesterday auction was considered as emotional run due to DD profile with rotational factor of 13 and 4IB move. NF could not sustain above yday profile and gone for negating entire emotional run made yesterday. That risk factor associated with long side which has been mentioned has eased of partly today with this liquidation move and next course of auction could take place after a small balance here.

NF continuing its one time frame up on 7th day..Mostly we have seen one time frame up on daily gets stopped in 8-10 sessions which is the factor to be considered for next few sessions.

NF had a imbalance up between 14525-14580 zone yesterday and today too got back to back imbalance in this zone. Immediate reaction after such auction is to look for some balance in this zone in next session. Considering the structure of last two days, looking for two way auction tomorrow roughly in 14500-14625 all day or atleast for first session before any imbalance further.And also back to back 4IB days up and down hence some cool off possible.

Day high is unsecured and top is not yet made.

On the way move down, NF swiftly rejected from lower balance of yesterday session and printed a large buying tail at low which becomes good support for next few sessions..If we start accepting in this tail zone then could look for move down further..Buyers need to save this tail for next few sessions if they are preparing for next rally up..Today’s volume also on higher side at 125L which makes this tail important one.

We have closed at dPOC and upside resistance is 14625..Above 14625 could get 14660-14670 if sustains then could get 14710-14730.

Failing to scale/sustain 14600-14625 band could fall back to 14565 and below 14565 could get 14525-14510 tail zone if sustains then could get 14470-14460/14400-14380.

Failing to sustain below 14525-14510 band could bounce back to 14565/14600-14625.

Charts and data :

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