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Daily market summary of NF and charts, data of NF & BNF -08Jan'24

Writer's picture: RKRK

Updated: Jan 9, 2024

NF had 2days of short covering composite into close of last session with buyers advantage and buyers had to defend 21720-21740 next and below 21685 old tail zone, considered weakness..NF opened higher at VAH of 3-1-3 and swiped below 21720 then had a good whip in open session..Post that cleared 21685 to get liquidation day to close at low.


Long liquidation profile closing with minor spike close at low.


9 weeks of one time frame up on weekly stopped with minor swipe at last week low today.


Breaking 21685 invited liquidation today..Till we stay below 21685-21710 expecting overlap to downside move to continue. Two zones for supply to defend tmw 21620-21640 and look for PDL swipe and continue down else 21685-21710 next to hold and rotate back in today value area..Anything above 21710 calls for move back to 21750/21780-21790 then decide there.


Swing turned to short with 21790 negation now as good buyers ref 21685 gone.That buyers attempt was expecting to retest excess zone..but after that excess and push down,the bounce just marked lower high and gone for lower low today..So, expecting swing to see sm downside move towards 21525/21475/21375/21325.Zones to watch for rej are as mentioned in last para 21640 and 21710 to try shorts with 21790 negation.


For next session,not accepting below 21540 and moving above 21580 could test 21615/21640/21670 if sustains 21675 then 21710/21735-21750/21780-21790 possible. Not able to stay above 21620-21640 and moving below 21580 could get 21545-21525/21490-21480 or not able stay above 21685-21710 and moving below 21640 could get 21610/21580 then above said probe till 21480..Sustaining below 21470 could test 21440/21415/21375/21325.


Charts and data :




















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