Daily market summary of NF and charts, data of NF & BNF -04Jun'21

NF had 2nd neutral day with another FA at low and buying tail in previous session without secured high in previous session. With acceptance above spike buyers had advantage and holding 15680 they were expected to run higher.

NF had a open above PDH but could not sustain higher above IBH. Failing to sustain above 15715 and back below 15680 expected to get 15650/15620 but NF was able to tag only till 15655 after a slow and long waited auction and then ended up as another neutral day with close at dPOC.

Pointers from the day :

NF printed 3rd consecutive neutral day i.e, clearing both ends on IB and closed at dPOC.

NF left failed auction at top.

Sellers made attempt with FA at top but could not sustain below tail zone 15660 of previous session and got dPOC close. 15680-15700 again same ref for next session. Bullish if stays above this band and weak if stays below this band.

Swing wise even if NF goes to 15750 expected mean reversion move. NF did move to 15750 and left FA there and gone down to test previous day VAL and tail zone. This 15750 FA is solid ref now. As long as this holds, could look for move downside towards 15590/15520.If this 15750 goes then move could happen higher with negation at 15700 towards 15810/15850.

Range is shrinking and start of next week if we dont get higher range day then we might be heading to many days of 80-120 pointer range of auction.So, have to adjust the expected objective accordingly. Drop in day range as well as volume and drop in Vix leading to this view.

For next session, 15680-15700 support. If holds then could test 15750 FA zone and if sustains then 15780/15810/15835-15850 probe possible.Above 15865 could move to 15890/15920-15950.

Failing to sustain above 15750 could drop to 15700-15680 and weak below 15680 for 15650/15620/15590 and quite weak below 15575 for 15550/15525/15500-15490.

Charts :

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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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