Daily market summary of NF and charts, data of NF & BNF -10Jun'22

NF had a stealth auction spike close on Thursday..Observation was that short term inventory clearing move that was than committed inventory pushing for momentum higher and such auction weaknens structure. 16350 was ref and below that liquidation was expectation. NF opened way below at PDL zone after such spike which was perfect reverse hook auction which lead to all day liquidation and then NF closed below dVAL.

NF printed lower value day and sellers kept it tight all day leading to smooth liquidation and then closed below dVAL.

Auction was incomplete at low and as said in commentary, gap down is expected next due to the tight range held day with no demand seen.

NF had 6 days balance then 3days balance down next since start of month and now closed well below this back to back balance zones + well inside May month lower distribution..Weak structure for more liquidation if not able to accept higher above this long liquidation profile.

Larger picture :

Weekly :

NF printed clean higher value bell balance last week but closed below dPOC hence marked as weak. Mentioned 16650 pivot for the week. Not able to sustain higher of this pivot expected test of 16520 VAL of week then 16425-16400. This has happened first two days of week and holding 16400 expected move back to 16520/16630. NF bounced from 16350 to 16550 during RBI event day then gone for balance. Sustaining below 16350 was marked for 16200 which got whipped badly few times before getting there at close of week.

Now,weekly has printed lower value week with close below dVAL. Back to back weak close now on weekly time frame.. 16360-16400 pivot for the week and mentioned earlier swing is for 16200/16050/15980/15920 staying below 16350..Same view for the week and 15920-15880 good support zone to look for bounce back to 16200/16300-16350 then rotate down..

If susatins 16400 then back to 16490-16540 if sustains 16640-16660 possible and not expecting anything higher above 16700 as of now upside if we get a move.. Fresh downleg after pullback/balance if we move below 15850 for 15750/15640 and sustains means 15400 probe possible.

Monthly :

Monthly now turned from neutral to neutral bearish considering it has closed well accepting at lower balance of May. Expected pullback for June from 16800-16850 to 16350 then bounce back to 16850 again.. That bounce short lived and we closed below 16350 now. Monthly time frame marked below 16350 marked for 16200-16150/15920 and its on now..15900 zone decider for month next if we are going for full swipe of May lower disbn or sm pullback then take care of it later.. Right now 16550 strong res for the month to holds this neutral bearish view.

To conclude, for the coming week, stay below 16360-16400 to get 16050/15980/15920-15880 then bounce back to 16200/16300-16350 to decide further..Above 16400 back to 16490/16540 if susatins then 16640-16660 then decide there..Below 15850 moves to 15750/15640/15400.

Charts :

Daily

Weekly

Monthly

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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