Daily market summary of NF and charts, data of NF & BNF -02Aug'23

NF had a long liquidation profile in last session. With wide POC and 2days composite showing buyers done a poor job, expected move back to 3days range lower zone..Marked weak below 19790 for 19715 then for 19640. NF had a gap down open+ open drive down with volume and moved all the way down till 19520 then had a rally to close at dPOC.

Gap down + selling tail with higher volume today with 3IB down move..Decisive auction and immediate resistance 19640-19665 band and swing res 19765. As long as we stay below 19765, skew is for sideways to down now.

Rally at close as per data shown only profit booking/short covering and no serious buyers. And, sellers who initiated the move today carried inventory home so looking for more downside follow through in next session with negation at 19695. Once moves to today low zone negation for this view moves to 19620. As discussed in commentary, minimum probe for the auction of today is 19460 zone then decide there if they want to push more or to take a pause around.

Levels wise, move above 19625 coud get 19650-19665 if sustains 19700-19710/19740-19760 probe. Not able to stay above 19645 and move below 19610 could get 19580 and weak below that for 19550/19525 if sustains 19480/19450 possible and quite weak below that for 19420/19390-19375.

Charts and 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.

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