Daily market summary of NF and charts, data of NF & BNF -09Nov'22

NF left bullish signs at last session close with inventory adjustment break and 3-1-3 profile leaving buying tail rejected below spike low then closing at dVAH. Expected buyers to get follow through.. They got the same today with clean gap but could not sustain the gap and all day gone for liquidation via whipping intra auction and ended with spike down to close at low.

NF printed large selling tail and probable excess considering data and the move towards almost VAL zone of last session. More confirmation once clears 18170 holding the selling tail at top today. As per close, its weak.

NF after 5days composite and got clean follow through higher..But could not sustain the move and pushed back into balance.

It was clean trend day in first session then whipped the trend day with a move back higher for 5 periods and then again closed with spike down breaking low.

Above two pointers suggesting NF could spend more time in large balance in making. Today's auction curtails swing bullish view.

18240-18185 spike zone and spike rules apply for next session..Stay in/below spike = weakness ; Stay above spike high = Strength.

Buyers need to sustain above 18250-18275 band to get 18310-18320 and sustains further above it then more bullish towards 18360/18390/18440.. Sellers should hold 18275 and create value below 18240 to get 18170 and more liquidation below it towards 18140/18110/18070-18050.

NF swing view was marked after last session for 18340-18360 if sustains further then 18440 expected..This 18340-18360 done at open today and failed to sustain further.As mentioned above due to probe back in to large composite in making, going neutral on swing view now. Staying below this selling tail of today could look for test of 18170/18110/18050 then might bounce back higher towards 18190/18240/18290/18340. Will wait for session or two to confirm if this probable excess at top today plan for more downside.

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 :

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.