Daily market summary for NF and charts, data for NF & BNF -27Nov’20

NF had a spike up on Thursday and spike rules were on focus for next session. Expectation after 2days of auction was for some consolidation in first session and with open in spike zone, NF gone for this auction with two way balance in spike zone of previous session.

Above 13060 considered bullish for 13095-13120 probe.NF had extension higher above IBH i.e, 13060 later and probed 13095 almost. Failing to sustain above 13060 was expected to fall back to 12990 which happened by close and NF then closed at dVAL.

Auction pointers from the day :

NF got rejected from previous supply zone 13060 and printed neutral day.Follow through from this neutral day could get a trend.

It was 3-1-3 profile i.e, nice balance with secured ends via tails.Acceptance of tail = trend ; Rejection of tail = mean reversion and acceptance back in value/range.

Value was higher in spike zone but could not scale above previous supply zone and closed at dVAL..Its sellers job in next session to get quick follow through after such dVAL close else could see a quick squeeze from them.

Price wise for next session, 13030 is resistance and above this could get 13065/130195-13120 and quite bullish above 13120 for 13165/13185-13220.

Failing to scale 13030 could test 12975 and weak below 12975 for 12950/12925-12900 and quite weak below 12880 for 12845/12825-12800.

Dec is known for range compression and exhaustion of volume. First few days of auction could give a clue for this.

Charts :

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Data :

Detailed plan with refs to carry forward, trade hypos and nuances from the day and view based on larger picture from weekly and monthly time frame are available to members.

Notes :

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