Daily market summary for NF and charts, data of NF & BNF -29Jan’21

NF had a 3-1-3 profile on settlement day and staying away from value was expected to trend away from value else probe back in value area was expected..NF had a gap up but could not sustain above value area and gone for filling previous value area fully in first session..Later the bounce back to large tail at top got rejected to clear PDL and lead to spike down close.

Pointers from the day :

NF failed to sustain the gap up and gone for outside day to close at lows with volume on higher side..

NF closed lower on monthly P profile.

NF had large tail at top and ended up spike down.

All above are weak sign of auction and odds are higher for resolving downside further.As mentioned in commentary, next session could have gap or drive towards 13510-13490 zone quicker before deciding next course of auction.

Outside day and spike rules into focus next session.. Staying below 13780-13820 band is weak to look for more downside. Acceptance above 13820 negates weakness for next session.

Price wise, Above 13820 could look for 13875-13890/13935/13980-14020. If sustains then 14075/14130/14170/14230-14265/14310/14370 possible upside.

Failing to sustain 13780-13820 band could fall back to 13720/13650 and then 13610/13550-13535/13490 possible.Quite weak below 13480 for 13435/13365/13310/13230/13150/13070/13025.

Charts :

Daily

Weekly

Monthly

Data :

Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members.

Notes :

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