Daily market summary for NF and charts, data of NF & BNF -15Mar'21

NF had a double distribution down trend day with large extension singles + 6 IB down day on Friday with dPOC shift by close. Odds were considered lesser for immediate continuation down with that dPOC shift at close on such profile..If sellers need to get follow through down then expectation for them was to probe below 14980 quick in next session. NF has opened around POC zone and could not sustain and right at open quickly cleared below 14980 and turned out a open drive.Below 14980 probe was for 14920/14875/14825 and NF cleared all zones in IB itself with quite a wider range..

Large open drive IB moves rarely gets all day continuation.NF after such wide range IB move,later turned into long liquidation profile and gone to balance.Failure to extend down from b profile balance lead to short covering to test large tail it has left in the morning and closed above dVAH.

Pointers from auction today :

Clear long liquidation profile with large tail + b shaped profile. Failing to accept in tail of today could lead to overlap in today’s profile and also extension down further.Acceptance below this large b profile could lead to another sharp sell off.

NF cleared VAL of composite which I shared few days back and also cleared last 8days low.Inventory too stretched from last two days auction.Failing to get follow through downside tmw could ease some pressure with a balanced day or a relief rally day.Accepting below 14920 VAH zone is for overlap day and above 15040 could look for relief rally. If we open inside this zone of 14920-15040 then look for some volatile choppy move before getting a clear move.

Outside day of Friday resolved downside today with lower value..Its important for sellers to hold 14980-15040 band now as swing ref to look for lower skew further..If this band gives up then could look for some relief rally towards 15150 atleast.

Price wise for next session, If fails to sustain below 14920 then could see a balance in 14920-14980 zone and above 14980 could test 15020-15040 and bullish above 15045 for 15090/15130 if sustains then 15170/15210/15250-15260 probe possible.

Failing to sustain above 14980 could test 14920-14890/14865/14820 and quite weak below 14810 for 14780/14750/14710/14650..

And below 14640 whenever we get a probe then its for clean 100 pointer move towards 14550-14525.

Charts and data :

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Notes :

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