Daily market summary of NF and charts, data of NF & BNF -11Aug'21

NF looked above balance and failed in last session with neurtal day. With failed trend day + neutral day and back to back imbalance days, expected more of rotation to happen between 16320-16200.. NF swiped both end and gone for such balanced session today. Above 16320 considered bullish which got whipped by few points at open.

Failing to sustain above 16320 and back below 16260 probe was for 16200 and this has happened via open rejection reverse down.And below 16185 considered quite weak which got saved..Failing to sustain below 16210 and back above 16240 expected a move to 16265/16290. This too got whipped in first attempt then made the move..After balanced session, it closed at dVAH.

Pointers from the day :

NF after failing at balance high in making moved to other end of balance today and held there..And, it has left weak low at 16185. NF printed lows around this zone on 04th,09th and then today..Not good sign for committed longs for short term.

NF left a selling tail today..Acceptance in that could visit balance high zone again.

NF took some mechanical support before bounce towards day close which adds up risk with long side if we adds up info of 16185 weak low too.Stay cautious on long side.

MO is detoriating further to -74 levels i.e, overall advance and declines in the market still not inline with NF move..This suggests normally either strong rally or time wise correction further i.e, more balanced market for this MO to cool off..Am biased for time correction i.e, balance than rally.After 09th auction, marked on daily time frame bias as "neutral" with 16100-16400 range..And, NF is filling this range now.Not expecting upside anyhting more than 16400.

If we move higher then 16350-16400 band could send it back down inside composite on swing wise..As long as that band stays,looking for one dash down to get 16100 mark to close gap as well as test the trend day buyers from 03 Aug..This is the bias based on structure and auction happening now.Accepting above 16400 opens up 16550-16600 with negation at 16325.

Levels wise for next session 16270-16260 support.Holding this and accepting above 16310 could get 16345-16365 if sustains then 16390 probe possible.

Failing to sustain above 16310 could test 16270 and weak further for 16240/16210-16200 and quite weak below 16185 for 16160/16130/16100/16060.

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 :

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.