Daily market summary for NF and charts, data for NF & BNF -14Dec’20

NF printed outside day on Friday as well as left FA at top. Immediate reaction after outside day was to look for balance inside previous day range if there is no effort to sustain away from outside day range early in the day.NF opened flat and gone higher quickly to negate FA at top but could not sustain and quickly fall back to value area of previous session and started accepting which was weak auction. Below 13550 probe was for 13500-13490 and NF did this and got a nice bounce to close the day above dPOC.

Pointers from auction today :

NF left a 3-1-3 profile i.e, tail at ends and nice balance between tails. Clearing tail = trend that side ; back into value area failing to scale/sustain tail = probe to other end of value area/tail test.

As shown/mentioned in previous report, NF still inside composite range in making. With a close today, dPOC skew was higher at top quad of composite favoring buyers. They need to get a gap/drive to move away from this balance upside else more chop towards 13480 with such skew of dPOC.

13530-13550 support band at open for next session to test tail at 13585-13590 if sustains then 13620-13630 probe possible and further bullish above 13650 for 13690-13700.

Failing to sustain above 13585 could test back 13530/13510-13480/13460.

Charts and data :

Detailed plan with refs to carry forward, trade hypos and nuances from the day are available to members.

Notes :

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