Daily market summary for NF and charts, data of NF & BNF -25Mar'21

NF had a clear control from sellers yesterday starting with morning balance then extn singles holding all day and then large balance ending with spike. Acceptance below spike low is considered weak for next session. NF had a open in spike zone and gone for open drive down. Considered quite weak below 14520 for 14395 and then quite weak below 14395 for 14285/14200..NF probed till 14260 via trend day auction then failed the trend day to get a bounce and closed at dPOC.

Pointers from the day (all refs are mentioned considering adjustment factor for next contract) :

Sellers established further control today with clean extension on daily below major swing low/March low. Intra bounce as mentioned in commentary mostly due to settlement adjustment and expecting downside move to continue further.

As mentioned in weekend report, 14450-14465 is major support and the same is breached today which could get swing obj next towards 13950 zone with negation at 14700..

NF printed large selling tail today and on retest got rejected swiftly back to dVAL zone..Acceptance of today’s selling tail is first confirmation for reversal and final confirmation above 14700 weekly extn handle zone as well as naked POC zone.

Price wise for next session, staying below 14390 is weak to get 14360-14340/14300-14290 and quite weak below 14270 for 14235/14200 if sustains then 14120/14050 probe possible.

Failing to sustain above 14540 could test back 14500 and then 14460/14420-14400 probe possible.

Failing to sustain below 14390 could test 14440 if accepts then could probe 14480/14530 and bullish above 14550 for 14590/14640-14660/14710.

Charts and data :

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