Daily market summary of NF and charts, data of NF & BNF -01Jun'22

NF had probable excess at top with dVAL close in last session which considered weak..If clears PDL then expectation was to go for probe in 30/05 gap zone below 16460. Overlap with P profile and not accepting above such P profile was observed as weak job from buyers in last session auction. To gain strength they expected to clear 2days POC zone.

Today NF marked low at open right at PDL zone then gone higher which got promptly rejected at 2days POC zone, which all day kept the index lower then pushed for liquidation move to probe into 30/05 Gap zone below 16460.

NF left another selling tail and got liquidation profile today.

Got a rally into close and next session buyers should seek for acceptance above this rally high.Till we get follow through this rally could not be considered as strength considering composite P structure.If accepts rally high well then probe next is back to that wide POC at top around 16640. Failing to sustain rally high calls for repair of poor value area zone below today POC till 16460.And, buyers should defend 16440-16460 all session else next round of liquidation possible.

3days of overlap now and this overlap got upper disbn quite thicker..i.e, as of now composite P..Such structure tough to rally higher oneway and some to and fro auction possible i.e, allows balance before making clean rally.. So, from this composite P need to get bell balance composite before rally higher or more of composite P then close at higher zone and then get gap up and rally higher.

Mentioned yday that no acceptance above 16650 means two way auction between 16400-16650. NF started doing it today..Rejecting from 16650 upside and held 16400 downside.. Same view still to get that bell balance or more of composite P for a session or two. Swing weakness acceptance below 16350 for 16200/16050.

Charts & data :

Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.

Notes :

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