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

NF had 3IB double distribution long liquidation profile on 03rd. Observation was that sellers need to get a move below 17810 else short squeeze possible.NF had a open around PDH and gone for testing 17900-17850 band and then bounced later. Above 18050 probe was for 18150 which happened in second session and closed above dPOC.

Pointers from the day :

It was double distribution up day.

Buyers had edge at close with dPOC skew and close around it. They should defend upper disbn of the day and look for move higher above PDH. Failing to do so or sustain above and accepting below upper disbn could go for closing extention handles and singles of the day.

After 01st Nov auction, 17750 marked as swing support. As long as that holds, view of large balance said will be intact and above 18020 said range could widen. NF gone for expanding this range. That weak high at 18038 said not good to have swing view of short side till gets cleared which got repaired today. Now, swing wise looking for 18200-18240 band and this should rotate down as marked under weekly obserivation in last report. If sustains this band, we could look for 18350 next. .

As said in commentary, this market could whip large with two way auction in coming sessions due to large balance in making.Back to back DD days down and up adding conviction to this large balance view still to continue than one way rally.So, keep the view flexible and not rigid and do not average losing trades as intra moves could be wild and wider in range.

For next session, 18090-18120 support and holding this looking for a move higher above 18155 to get 18190-18210/18240/18270-18285.Above 18295 could move to 18320-18335/18365-18375.

Failing to sustain above 18190 could drop to 18130-18100 and weak below 18100 for 18075/18045/18020 and quite weak below 18010 for 17970/17940-17920/17880-17860.

Charts and data :

Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.

Notes :

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