Daily market summary for NF and charts, data of NF & BNF -04Feb'21

NF had a failed trend day and poor value area yesterday.Failing to sustain above 14840 was expected to test 14780/14750/14710..NF gone for a move till 14750 during IB via open rej reverse and then attempt to sustain below 14750 failed and bounced back into yday value area to repair that entire value area in second session via double distribution profile and then closed at dPOC.

Pointers from the day :

NF printed 4th day of one time frame up.

NF swing support was kept at 14760 zone and this has got breached today but could not sustain and left FA at low and this 14760 still remains good swing support now.

NF is in balance mode..After failed trend day with poor value area, it has started accepting in yday extn singles zone below value area but could not got follow through down and bounced = sign of balance..And the bounce happened with double distribution profile which is another sign that balance is on.Double distribution profile at start of rally is fine but at 4th day of one time frame mostly another emotional auction + distribution. Same ref mentioned yesterday 14975 to negate the view of balance.

Have laid out two scenarios yesterday with 14760 to be tested and going for balance before pullback down was one of scenario and NF seems planning that as of now.

dPOC shifted up by close on this double distribution profile which could be flip zone for morning auction..Staying above dPOC 14890 buyers could take control and staying below is weakness.

Price wise, holding 14860-14880 zone and moving above 14910 could test PDH 14940 and then 14975 and quite bullish above for 15005/15040/15090.

Failing to sustain above 14880 and breaking 14850 could get 14810-14790/14760 and quite weak below 14750 for 14710-14680/14650.

Failing to sustain below 14780 and move above 14820 could test 14850/14880/14940.

Charts and data :

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Notes :

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