Daily market summary of NF and charts, data of NF & BNF -08Dec'23

Green tickz
Dec 10, 2023
2 min read

NF had a inside day on expiry day..Buyers needed drive/gap to get 21070/21100/21140. They had that push at open with a move till 21100+..Once pushed higher expected them defend 21020 else another overlap auction expected to test PDL/FA zone then bounce expected from there.They gone for this move below 21020 to test till 20950 then bounced to close above dPOC.

Outside day with good volume..

Previous FA zone got retest and printed double print tail at low makes it strong support now.

dPOC skew higher and closed above that.Rally into close had some supply and didnt gone for cover..So, this dPOC skew higher close if gets open higher and sustains then expecting squeeze to take place in first session..Not happening so, could lead to spend good time in value area of this session.

One time frame up stopped with move below PDL. Buyers need value away from this outside day now to start fresh leg else sm balance possible for a session or two before next leg. Buyers need to defend 21020-21040 for next session to clear PDH and stay higher.Weakness below this.

Swing support now moves to 20940. Holding this looking for 21180-21210/21320.

Weekly :

Week started with large gap and held the gap to run higher..5th week of one time frame up and ended up as short covering week with dPOc skew higher on weekly. 21020-20990 good pivot for the week.As long as this is defended, looking for overlap to higher skew for the week towards 21180/21240/21320 then pullback..If accepts 21320 then could look for 21440/21550/21640.

Minor weakness below 20990 to test 20940/20890 and major weakness below that for 20820-20790 then bounce else 20740-20720 then bounce possible.

Monthly :

Nov closed with spike.As long as we stay above 20140 Dec expected trend month for a move towards 20540/20640/20800.NF moved till 21100 now. That context of 3-1-3 on monthly composite pushing Dec higher..Considering volume on daily profiles+ weekly structure, upside leg still pending on monthly..20640-20680 band now good support for the month to remain as trending month. Goes means could turn as P profile month..As long as that holds, upside stretch could be expected towards 21320/21500/21640 either straight or after having small pause in 21100-21200 zone..

Charts

Daily :