Daily market summary of NF and charts, data of NF & BNF -06Dec'21

NF in last session with selling tail negated previous trend up day and there was probable excess at top..Skew was expected downside till extension singles and handles of last session holds and observation was that auction was incomplete in last session. 17265-17290 kept as resistance zone and moving below 17220 probe was for 17145 first which happened right at open auction. Then gone for balance.. Considered quite weak below 17140 for 17040 then 16950.. This happened later in the day via second distribution and then imbalance towards close and then closed at lows.

Pointers from the day :

Another selling tail at top today which ruled all day.

Clean double distribution trend day down auction.

NF started accepting in 29th Nov selling tail which is bigger concern for buyers on swing..As mentioned earlier, those 4days around that time had registered highest volume on average like 120L,140L, 150L etc then we had a rally..and today such high volume composite large buying tail has easily given up (though not taken out fully but clearly started accepting) is suggesting no demand coming in and likely to get more downside in coming sessions.

4days of one time frame up stopped today.

That excess i.e, presence of OTF got confirmed today with a move below 17170 and they are in full control now.

As mentioned under weekly time frame observation, we have now met 17050 zone as well next zone 16950-16900.This 16950-16900 is the zone mentioned for a bounce and we closed there today..The way the closing imbalance happened today after two smooth double distribution, am not expecting bounce from this zone if any to sustain and likely to get more follow through downside..Any bounce if happens might find it tough to sustain 17000-17050 band and could be sent down below PDL to get more follow through in coming session. Auction again looks incomplete at low today.

For next session, bullish only above 17085.. If we open inside range then looking for heavy chop between 16950-17080 zone to make some value in today's closing imbalance zone.. Above 17085 could get 17125-17135/17180/17210. Or failing to stay below 16800 and move above 16930 could get 16980/17010/17045/17075.

Failing stay above 16980 could test PDL 16940-16930 and below 16930 could move to 16890/16865-16845/16780/16745-16730. If fails to sustain above 17050 then below 16980 could move to 16930 then all remaining objetive probe as mentioned above.

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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