Daily market summary for NF and charts, data of NF & BNF -23Feb'21

NF had a double distribution down day yesterday with poor value area. Failing to get follow through down value was expected to have a cool off day with some short squeeze or two way auction all day. NF gone for short squeeze via ABC period extension move at open then all day had a wild two way auction to repair the poor value area it has left yesterday and ended below dPOC.

Auction pointers from the day :

One time frame down continues for 5th day with inside day today.

NF had a nice balacned profile today and repaired poor value area of yesterday .Could expect imbalance move out of this profile now.

Swing ref was kept at 14865 extn handle from yesterday which got tested today but swiftly rejected and kept the auction down all day..Swing ref now moves to 14820 today's upper balance zone where supply came in..

NF registered highest volume today in this entire fall and this volume is higher than trend down day of yesterday..And, close was below dPOC which suggests skew is with sellers after two way auction today..Staying below 14820 now next downside obj opens up for 14540-14520 zone and view negates above 14820..If we fail to sustain below 14660 and takes out 14820 then upside swing probe is minimum for 14980 after such volume today.

Trend day down got rejection at extn handle and registered more volume on inside day with close below dPOC..All this suggests odds are higher for follow through down towards 14540-14520 zone then may be some pullback before next move.We are into lower value week after outside week also adding conviction for this view.

Price wise, 14740-14760 resistance zone and holding below/failing to sustain above could test 14700/14660/14620/14580 if sustains then could move towards 14540-14520.

Above 14760 could move to 14785/14820 if sustains then 14860/14920/14960-14980 probe possible..

Failing to above 14690 could get 14720-14740 and bullish if sustains for 14780/14810 and quite bullish above 14820 for 14860/14920/14960-14980.

Failing to sustain below 14620 and acceptance above 14700 could test 14740-14760/14785/14820.

Charts and data :

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Notes :

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