Daily market summary of NF and charts, data of NF & BNF -08Jul'21

NF had a late spike into close with advantage buyers in last session. 15865-15875 was support for them to get a drive above PDH..NF failed to do so and started accepting below spike low via open rejection reverse down. Below 15865 probe was for 15800 and below 15780 considered quite weak for 15725. NF had a trend down day clearing all these obj and closed at dPOC.

Pointers from the day :

NF had a clear trend down day with 4IB move and volume was on higher side. Some serious supply came in today and as long as staying below 15790 trend is now down for short term.We dont have secured high at ATH so need to watch if this supply today clears 15600 next to get some serious correction. Failing to clear 15600 next and accepting back 15790 could lead to balance again.

After a failed trend day on 06th expected balance to happen for few sessions in 15750-15930 range.This view got negated today with this trend day auction. As mentioned above, today's supply should hold below 15790 to seek further down next towards 15650-15635/15600. Below 15600 quite a weakness on daily/weekly/monthly time frame for some quick downmove.

Swing buy at 15800 after meeting first obj at 15890 got stopped today at 15780. Now on buy side trigger for long is above 15850 again with 15700 negation to get 15950/16100. Swing sell activates below 15590 for 15450/15300/15150 with negation at 15800.

For next session, 15750 resistance. Failing to sustain above and breaking 15720 could test 15690/15665/15625 and quite weak below 15620 for 15580/15550-15530.

Failing to sustain below 15690 and back above 15710 could get 15735-15750 if sutains then 15770-15790 probe possible and quite bullish above 15795 for 15820/15845-15865.

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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