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

After 3IB double distribution down day yday, observation was that it was long liquidation move and not reversal. Have noticed demand in yday lower distribution with double print tail..Expected demand to get follow through above 11820 to get 11890-11910..NF failed to accept above 11820 at open and gone for open drive down towards double print tail at yday low.Below 11730 expected to be weak but NF could not sustain there and gone for negating the open drive and then cleared 11820 to get 11890 by close and ended above dVAH.

Yesterday's buying tail below 11740 defended at open today with another large buying tail and closed NF above dVAH..Its buyers job now to get further follow through to challenge selling tail at top till 11950 then poor/weak high at 12015.

NF printed inside day with cleanly auctioned value hence its important for it to move away from this range and value to have a meaningful auction else rotational chop session possible in today's value area.

Upside probe is not yet completed today with the way auction has ended at close.

NF negated extension singles of selling from yday session and created value there and also captured POC of yesterday 11890.All bullish signs.Acceptance above this POC is further bullish.

Price wise, 11850 is support to scale PDH to get 11920/11950 if sustains then 11995/12020/12050.

Weak below 11850 for 11820-11810 and quite weak below 11800 for 11770/11740.

Charts and data :

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