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

NF had a double distribution down day with large extension singles of about 200 points on Thursday.Auction looked incomplete on downside and considered quite weak below 14520 for 14395/14350. NF opened around 14520 and gone for open drive down to probe till 14375. Then the drive got failed which lead to sharp intra day two way balance for most of the session which towards close extended higher and then closed above dPOC.

Auction pointers from the day :

NF closed the gap from 02nd Feb post budgest session and bounced sharply from that zone with buying tail.As of now this suggests demand came in previous major support zone.14450-14500 zone support going forward for the demand came in this bounce. As long as that holds, could look for sideways to upside skew.Volume was good in today’s session compared to average also adding conviction to this view..Below 14450 next leg of sharp sell off could take place.

NF negated extn singles of 6IB down day of previous session but could not sustain the extn handle 14795 zone at close..Staying below this could could look for some balance in the today’s value zone.Buyers had a dPOC skew into close with them.They need to get quick follow through upside.Quite bullish if we sustain above 14795 in next session.

Closing extension singles of such large liquidation day from 18th confirms no sign of supply as of now means could look for sideways move or reversal upside.

NF is one time framing down for last 4days..Probe above 14805 stops one time frame down.

Price wise for next session, 14710-14730 support zone.Holding above this could test PDH zone 14810 and bullish further for 14850/14880-14900 and quite bullish above 14920 which could probe 14960/14990/15025 if sustains then could get 15075/15130.

Below 14710 could test 14660-14640 zone and quite weak below 14640 for 14590-14580/14540-14510. If sutains then could get 14465/14420.

Failing to sustain below 14520 or above 14840 could result in balanced two way auction day.

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