Daily market summary for NF and charts, data for NF & BNF -26Nov’20

NF printed a excess at top yesterday and observation was that supply and auction was clean and and auction yet to be completed on downside. Above 12920 expected bullish move towards 12980..NF opened around 12920 and could not sustain and gone for downside probe to continue the auction below PDL.Below 12850 probe was for 12800 and considered quite weak below 12800..NF made IBL at 12797 and gone for balance and later a move below 12800 could not sustain, bounced higher to print neutral day and closed higher with spike.

Auction pointers from the day : ( Ref from Dec Contract)

Excess at top from yesterday shown further conviction today by creating all day lower value.It could not sustain in the value and allowed a spike higher for close on expiry settlement. Till this spike gets follow through confirmation with value, bias is with value created today i.e, downside.

NF got spike up by close..Spike rules on focus tomorrow.

Spike zone - 12990-13050

Value in spike = bullish for move upside later

Acceptance above spike high = quite bullish

Acceptance below spike low = weakness.

Bullish above 13060 for 13095-13120 and quite bullish above 13120 for 13200-13220.

Failing to scale/sustain above 13060 could fall back to 12990 and could get some balance between these zones.

Below 12980 could probe 12950-12940 and quite weak below 12940 for 12890 if sustains then 12845/12800/12750 probe possible.

Two days of running profile and could see some consolidation in next session atleast for first session.

Charts and data :

NF current month

NF next month

BNF current month

BNF next month

Data current month

Data next month

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

Notes :

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