Daily market summary for NF and charts, data of NF & BNF -19Apr'21

After short covering auction, observation from last session was that there was no demand.And,weekly had lower value with price closing at higher quad with no demand day, expectation was to look for mean reversion move back to VAL of week and then look for extension down.

NF had a clean gap down right at VAL of last week and then gone for extension down clearing previous swing low.14220-14150 marked as obj for this move and NF probed 14220.Post IB period could not sustain lower and almost ended up as normal day within IB range all day making nice balance and closed above dVAH.

Pointers from the day :

When swing low was made earlier at 14282 mentioned that it was mechanical low and new swing low probe is due..Today it has made new swing low and still not clean secured excess at low to consider this low as strong low..As long as no acceptance above 14640 looking for one more swing move down towards 14150/14000 next.

It was clean lower value day with higher than average volume.. Need to defend 14340 to look for move higher else could look for overlap/skew down day.

Immediate swing support at 14250-14270 band now – lower balance of the day. Holding this could look for balance/small bounce.If this band goes, could look for next leg down.

Price wise, holding 14340 could test 14390-14400 if accepts then 14450/14490-14510 probe possible and above 14520 could test 14550/14580.

Failing to sustain below 14280 and back above 14350 could probe zones as mentioned above.

Below 14340 could test 14310-14290/14265-14250 and quite weak below 14250 for 14200/14160 if sustains then 14110/14060/14020/13960 probe possible.

Charts and data :

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