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

NF printed 3rd consecutive neutral day with FA at top in previous session. Observation was that auction would be weak below this FA and bullish if this FA goes. NF opened around this FA zone and could not sustain.

Failing to sustain above 15750 was expected to drop to 15700-15680 and that was considered support for session. NF after not able to sustain at 15750 dropped till 15705 and then started moving higher by failing the small open drive move. Above 15750 probe was for 15780/15810 and NF did this move till 15807 and then closed around dPOC.

Pointers from the day :

NF negated Failed auction from previous session. Buyers advantage.

NF pulled dPOC up into close and skew was with buyers at close. And, it was double distribution auction though the extension came very late. 15770-15760 good support for next session for the buyers skew.. If this zone goes then buyers in second distribution could allow some liquidation move down.

Swing wise if 15750 goes then move expected for 15810/15850. First one is done now and negation shifts to 15680 to look for 15850/15950 next. As metioned in previous report as well as few days back, NF confirming that range is shrinking and we could have this season of few days of 80-120 pointer range of auction. ATR slowly dropped to 135 now from 200+ range.

For next session, 15760-15770 support to get new high 15810 if sustains then 15835-15850 prob possible.. Above 15865 could move to 15890/15920-15950.

Weak below 15760 for 15735/15710-15690 and quite weak below 15680 for 15650/15620/15590.

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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