Daily market summary for NF and charts, data of NF & BNF -06Apr'21

After having clean long liquidation day with wider range and higher volume with large tail in previous session, bias for the day was for a overlap session and NF done the same today with inside day auction. 14660 was support and above 14760 expected 14800/14840. NF held 14760 at open and broke 14660 which was expected to get 14610-14580 and NF probed till 14620 only via open drive.Then got drive failure which cleared 14760 to get 14800/14840. Failing to sustain 14800 was expected to probe back 14740 and 14670 which happened during mid session and then NF closed above dPOC. It was wild two way session as expected.

Auction pointers from the day :

NF had a inside day auction today.

It was 3-1-3 profile today i.e, leaving tail at both ends and having nice balance between the tails.Outcome could be, reject tail = probe entire value area ; accept tail = trend. Considering RBI event tomorrow, one move to probe full value area possible before policy decision.

14840 was considered as ref for first sign of reversal upside swing wise.Marginally tested and failed today. If clears 14840 tomorrow then could see upside move. Till then that test of lower quad of yesterday still due below 14600 zone.

Buyers had a edge at close with close above dPOC and they have to scale 14810 earlier in session else could see some liquidation break towards 14700 and below.

Probable auction scenarios for tomorrow below

Charts and data :

Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members.

Notes :

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