Daily market summary of NF and charts, data of NF & BNF -05Feb'24

NF had a fresh auction with volume above 4days composite in last session..Since close was holding tail and data was still with buyers, expectation for next session was to hold tail and do quick repair back poor value area and anomaly with a move towards 22030/22070. NF had a open rejection reverse up move in IB itself holding Friday tail to do this job with a probe till 22030..then all day gone for balance which failed to push higher and clearing IBL lead to large spike down close at low.

Today spike down was good one with volume and also brought down dPOC to low at close..Sellers advantage. 21896-21765 large spike zone..Holding spike high/auctioning in spike zone weak to get a follow through down further..

Today spike down has easily given up Friday good buying tail + weekly and monthly pivots..Weekly 21870 pivot goes means marked for a move till 21760.Not moving above 22050 and clearing PDL suggested as case for sm solid liquidation.This has happened via spike clearing 21870 PDL to get a move till 21765..Considering auction and volume likely to get 21720-21690/21650-21635 then may be bounce back to 21740-21765/21820/21890..No bounce and staying below 21620 could get 21525 also.Negation for this view at 21920 now.

Levels wise, move below 21785 could get 21755/21725/21690/21650-21635 and stays below 21620 then 21590/21560/21530-21520 possible..Or not able to stay above 21890 and moving below 21840 could get 21810/21785 then above said probe. If fails to stay below 21720 and bounces above 21765 then could move to 21795/21820 then reject else 21850/21880-21890/21920 possible and further bullish above 21925 for 21955/21985/22030-22050.

Charts and data :

Notes :

a) Check glossary page in website if any of the terms used in the post are not clear.

b) If images are not clear, click on them for enlarged view.