Daily market summary for NF and charts, data for NF & BNF -24Dec’20

NF had a trend day and closed at high on Wednesday. As it has negated most of extn singles left on 21st 7IB down day, observation was that supply is not keen to hold and more upside was possible to get 13655 and 13740, remaining majot ref left from 21st (extension handle and POC respectively). To avoid repair of poor value area, buyers had to stay away from this value area in first session to compete the probe upside. NF had a clean gap up about 40 points well above prev day. Above 13650 probe was for 13690 and 13740/13770. NF probed 13740 by IB and later cleared IBL but could not sustain and then completed the day as neutral day after clearing IBH and making new high till 13784 then closed above dVAH.

Clues from auction today :

NF has printed neutral day by clearing both IBL and IBH and closed at dVAH. Buyers were in clear control by close.

NF got FA at low and yet to complete its probe upside as it has left weak high at 21st FA high.

3rd day of one time frame up cleared entire imbalance down happened on 21st Dec..As long as buyers of this neutral day holds 13700-13720 band, NF likely to probe higher as strong imbalance down auction is now negated fully.

13700-13720 support zone for next session to get new high above 13784 and then 13810/13840-50..Quite bullish above 13865 for 13890-13910/13950.

Failing to scale/sustain above 13810 and back below 13750 could test 13700-13680 and weak below 13680 for 13650/13620-13595/13550-13535.

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