Daily market summary for NF and charts, data of NF & BNF -08Mar'21

NF left a selling tail on long liquidation move of Friday.Acceptance of this tail was expected to fill poor value area of 04th Mar. 14980 was kept as pivot for the day and we had a flat open and held 14980 at open..Above 14980 move was for 15060 and considered quite bullish further for 15125 then 15160 and above to repair that poor value area of 04th.NF had a move in IB till 15140 via open test drive up but could not sustain further and gone for failing the drive move which cleared IBL..Then gone for quite a wild two way auction all day to get overlap profile which finally closed at dVAL.

Pointers from today's auction :

NF could not sustain above PDH and left a selling tail.Back to back days of selling tail at top.

NF got clean balanced profile overlapping previous session..More of balance happening..As mentioned in previous report any rise was expected to face exhaustion to get a probe below 14860..Have got exhaustion but not yet getting follow through on downside..That probe is still pending for 14860 and same view that exhaustion/supply could happen on any move higher..

Last two days have given nice balance with secured ends at both end..Roughly 15080-14960 to look for more balance ; sustain this range = trend ; failing to sustain is for mean reversion in this range..

Price wise for next session, 15020 is pivot..Above 15020 could get 15065-15080 if sustains 15120 probe possible..Quite bullish above 15135 for 15160/15190-15210. Above 15225 could move to 15255/15305.

If fails to sustain above 15100 and acceptance below 15020 could probe 14965-14945.

Failing to sustain above 15200 and acceptance back below 15100 could test 15060/15020/14965-14945.

Quite weak below 14940 for 14875/14840-14825.If sustains then 14780/14740-14720 could be probed.

Expecting wild moves to continue for next two sessions too.

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.

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