Daily market summary of NF and charts, data of NF & BNF -10Nov'23

Green tickz
Nov 12, 2023
2 min read

NF had back to to back balanced profiles with 2day composite showing supply at close on Thursday. They had a gap down which failed to get follow through down and gone for closing gap then ended with spike up close.

NF stopped 6 days of one time frame up.

It was trend day up for most of session post gap down then failed the trend day but still closed higher with spike. Rules of spike applies for next session.19478-19506 spike zone..Stay in/above spike = bullish else weakness.

Failed trend day and still closing higher left poor value area.Buyers need to defend spike which could get them squeeze from narrow range balanced week inventory to push higher..Failing to do so and accepting below spike could go for repairing poor value area.

Swing long view negated with a gap down below 19460.No swing view now.Need to watch value above 19540 to draw next swing view.Will wait for a session to do so.

Levels wise for next session, move above 19505 could get 19535/19565 if sustains 19590/19620 possible..Above 19635 could get 19665-19680/19720. Failing to stay above 19545 could drop to 19500 and weak below that for 19470-19460 quite weak below that for 19435/19405/19375.

Note : Next course of auction is considered only from Monday - Muharat session not considered.

Weekly :

NF gone for clean balance in earlier week.19410 no rejection means expected 19480/19540 then pullback. NF could not clear 19540 and stayed below that to print higher value balanced week closing above dPOC. This close has happened after retesting weekly low/FA zone with dPOC skew higher. Advantage buyers..

Buyers now need to get drive/gap to sustain above 19540 after such skewed dPOC close, which could get 19590/19640/19720-19740/19840-19860 and negation at 19460 for this view once moves above 19540.Negation moves to 19500 once scales above 19590. Failing to stay above 19545 could drop to 19470-19460 then should bounce else could drag down further towards 19410-19380 zone..More weakness below 19380 for 19330-19310/19240-19220/19150.

Monthly :

Monthly was doing balance in lower disbn of Oct. Mentioned in last week report, 19480-19540 solid resistance and 19150 very good support for the on going month. Was not expecting this res zone to accept straight. This zone held entire week and pushed down but closed at upper quad now on lower disbn of Oct. If buyers managed to sustain higher further above this band 19480-19540 in coming week then odds of travelling higher into upper disbn of Oct with a probe towards 19640/19720/19850. Not able to sustain 19540 could drop back to 19380/19330 then should bounce else retest of 19240-19200 zone. Major weakness any only below 19150.

Charts

Daily :