Daily market summary of NF and charts, data of NF & BNF -07May'24

NF printed long liquidation profile in last session with inside day auction.Considered 22590-22620 as resistance.Holding this expected move down back to 22520 goes means probe marked till 22350. NF held below this res band at open and gone for large drive down then remained down all day probing till 22310 then closed at dPOC.

3rd day of long liquidation.Large selling tail and b profile. Sustain value area high to look for balance in tail..Failing to do so, back in value area overlap and below VAL sustains means more weakness next.

NF probed below good swing support zone 22350-22365 today which is on daily and weekly sign of weakness.Buyers need to show up in next session holding 22350 zone..Not happening means one climax kind downside auction possible next towards 22240-22220/22150/22080 then could see a relief rally before moving down further next.

Levels wise for next session, move above 22400 could get 22430/22460-22470 reject else 22510 probe and quite bullish above 22525 for 22550-560/22590/22620/22650/22690. If fails to stay below 22240 and moves above 22320 could probe 22350/22375/22400 reject else more upside.Not able to sustain above 22440 and moving below 22410 could get 22380/22350/22320 and weak below 22310 for 22280/22240/22205/22160/22080.

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.