Daily market summary of NF and charts, data of NF & BNF -06Oct'22

NF had a short covering P profile in last session..To avoid mean reversion, buyers had to get drive/gap then all day had to keep the profile higher..NF gone for this auction today..They had a good gap up but could not sustain and then all day gone for higher value rotation then closed at low.

NF printed narrow range auction with clean balance with poor value area..Auction incomplete at low. This narrow range balance happened at good swing res zone and closed at low of the day with data backing up such close. Weakness. Imbalance next out of this profile possible..

Buyers need to sustain above 17400 next to get a rally higher.. Failing to do so and staying below 17340 in next session calls for liquidation move down to clear value area of 04/10 towards 17250/17220/17190 if sustains then more downside possible..

Not able to sustain below PDL and accepting back in value area of today could go for overlap session to repair poor value area then later sustains 17400 then good move higher possible.

Swing view of balance got negated with acceptance above 17350 today. Support now at 17250 for NF to stay and print higher value profiles further towards 17500/17600. Acceptance below 17250 with negation of 17340 could get 17190/17150/17050.

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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