Daily market summary of NF and charts, data of NF & BNF -01Jul'21

NF printed outside day + neutral day with spike yesterday. Staying in spike zone considered weak for the day. NF opened in spike zone and gone for open auction around PDL and started creating value in spike zone.. Probe was for 15690 staying below 15790 and NF got 15700 early in first session then remained in tight balance all day and closed above dPOC.

Pointers from the day :

NF accepted neutral day and spike of previous session. Weakness.

It was another long liquidation profile. Gap/drive below this b profile could lead to another quick liquidation move.

After a outside day of yesterday auction, NF resolved downside with lower value.Weakness again..Should sustain below 15745-15765 band next session to get further follow through down..Accepting this band could travel back in outside day range.

NF negated 24th June double disbn trend day almost fully leaving only part of buying tail. Acceptance in this tail below 15690 next could push it to repair 21st trend day ref zones.

Swing sell at 15820 met its first obj 15750 yesterday and missed second obj 15690 marginally today. Objectives remain same as 15690/15600 and negation now moves to 15790.Once NF moves below second obj 15690 could move negation to 15765. Swing buy now above 15800 with 15720 negation for 15890/15950/16020.

For next session, 15745-15765 resistance.Failing to sustain this band and scaling below 15720 could test 15690-15680 and quite weak below 15680 for 15650-15635 if sustains then 15595-15580/15550-15530 probe possible.

Above 15765 could get 15790/15820 and quite bullish above 15825 for 15855/15880-15905.

Important nuance :

Below is daily profiles broader view.After that 15910-15930 excess this is getting liquidation profiles only i.e, two b profiles then respnsive outside day then another b profile today. No clear initiative auction and only liquidation..This suggests, market is clearing weak inventory and not keen with fresh supply. This could end in two ways a) one large liquidation move further then sharp rally back or b) exhaustion with tight lower value then sharp rally back..

So,current structure suggesting odds are there for rally back.First confirmation stopping one time frame down of last 3 days with a move above 15770 then solid confirmation above 15820. Keep this info in mind for next few sessions and view negates if we accept below 15630 straight from here.

Charts and 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 via private blog.

Notes :

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