Daily market summary of NF and charts, data of NF & BNF -07Dec'21

NF had double distribution trend day down auction with acceptance in large buying tail of 29th Nov in last session. Observation was that its concern for buyers and more downside possible in coming sessions. Bounce was least expected and if any then considered 17000-17050 zone on rise could send down NF. Buyers proved all this observation wrong first with open straight above 17050 then started accepting above this band and moved higher via clean short covering.

17085 was the ref to consider bullishness today to get 17125 then 17210.This got whipped at open then later made a clean move till 17260 via imbalance..Later after a whip from that zone, moved further higher to 17300+ and then closed at dPOC failing not to sustain at high.

Pointers from the day :

It was clean short covering profile with larget buying tail at low.

Buyers are out of woods as of now but they need much higher effort now to sustain above this short covering profile.There is a good sign here with the close coming back to dPOC that they are still planning for large balance and not yet ready for a rally.They need to create value higher above 17290 and once done should not come below 17250 and seek higher.

Reason am looking for more of balance and not rally is due to two back to back clean down trend days and now clean short covering profile with large tail at low.Without a balance rarely they take out such two strong down trend days.And, such short covering days only weaken the broad structure and not helping bullish case. So, having bias for more of balance than one way upside rally.Will wait for another session to completely lean with buyers if they go with another higher value session above this short covering profile.

NF negated previous session double disbn trend down day and got range extension higher..If they accept further above this profile then could move towards negating ref zones left from 03/12 profile to test 17350/17410/17450 if sustains then 17515/17600-17650 on swing.

For next session, expecting wild balance roughly between 17190-17290 for some time if we open inside value. If fails to sustain below 17200 and moves above 17240 then could get 17275-17290 and above 17295 could get 17325/17350 if sustains 17360 then 17390-17410/17440-17450/17495-17515 probe possible.

Failing to sustain above 17295 and back below 17225 could get 17190/17165 and weak below 17165 for 17120/17095/17055-17030 and quite weak below 17020 for 16990/16960/16925/16895.

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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