Daily market summary of NF and charts, data of NF & BNF -02Nov'21

NF printed double distribution profile with large extension singles in last session.Buyers with such large extn singles expected to have overlap/higher value session for follow through hgiher holding 17940-17960 zone. Failing to do so probe was to close extension handle after filling extension singles. NF had a flat open and could not sustain above PDH.Then gone to fill extension singles and later closed extension handle from yesterday in 17880-860 zone then bounced to close at dPOC.

Failing to sustain above 18030 and back below 17950 probe was marked for 17920/17890/17865 and NF gone for this hypo today with a low of 17860.

Auction recap of today :

NF left a weak high at PDH. This adds risk to shorts from here. Better to clear this to have sustained move down.

NF by closing extension singles today adds more conviction to the large balance to be made as explained yday. Such moves of quick imbalance then quick balance to refill imbalance calls for large balance auction to take place.

Sellers got tail and then closed extension singles and tested extension handle today..They also pulled dPOC down at close and closed around it. Advantage with them. Now, their job is to clear buying tail of today which was created at last session extn handle zone.Sellers need to sustain below it for more follow through..Failing to sustain below today buying tail and accepting back in value area could ask for short squeeze.

As mentioned in commentary, my bias is that one pullback from 18020 was expected to 17850 zone which is almost done now..Now,looking for move back higher provided sellers fail to get follow through move tomorrow.

Have mentioned yesterday that 17990-17850 zone needs balance due to expiry day down move and then last session imbalance up via extension singles..This balance is done now.

Its inside day today. Could lead to imbalance day next.

It was 3-1-3 profile. Nice balance of two way auction with tail at both ends. Accept tail = trend ; Fail to sustain the tail = probe back entire value area.

For next session, 17965 resistance. Failing to scale/sustain this and back below 17910 could probe 17885-17875 and weak below 17875 for 17850-17835. Quite weak below 17810 for 17780/17750/17720.

Failing to sustain below 17860 and back above 17925 could probe 17955-17965 then bullish above 17965 for 17990/18020-18045.Quite bullish above 18050 for 18080/18110/18150 if sustains then 18210/18240.

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.

Notes :

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