Daily market summary of NF and charts, data of NF & BNF -05Aug'21

NF had higher value and buying tail in previous session and 16220 kept as support zone. With MO reading expected a balance. Failing to sustain above 16280 and below 16255 probe was for 16220 and it got probed in morning session then NF gone for balance in first session taking support at 16220 above tail zone of prev session.

Later got extension higher from clean balance above PDH. Above 16310 probe was for 16345 and it got probed then remained in another balance till close and closed below dPOC.

Pointers from the day :

NF registered 6th day of one time frame up.Buyers continuing to establish control.

Yesterday shared about observation of MO dropping significantly on higher value day.Today again MO dropped to -34 on another higher value day.Another day of NF moving higher with less market wide participation and with thin line of support.

And it was double disbn profile till closing hour but during close extn singles and extn handle closed and NF closed below dPOC..Sign of intra day bullishness got negated at close. With back to back MO reading going down, this intraday extn handle close now further makes the bullishness in NF questionable.Risk is adding up on long side now.

16315 resistance tmw.Acceptance could get 16345/16365-16380 and bullish further above 16395 for 16420/16450.

Failing to sustain above 16310 could drop to 16275/16250 and weak below 16250 for 16220-16190 and quite weak below 16185 for 16160/16130/16100/16060.

Failing to sustain above 16350 and back below 16310 could get 16275/16250/16220-16190.

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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