Daily market summary of NF and charts, data of NF & BNF -12Jul'21

NF after a clean trend down day got lower value balanced day in previous session. As it had dPOC skew up in a balanced profile,observation was that supply done its job and move higher possible above 15735. NF had a gap up around 15790 and gone for quite a tight range first session but failed to sustain above IBH much.

Bias was to have good move higher above 15790 after accepting 15735 but NF could not get this done instead gone for heavy liquidation whip by closing gap and accepting back in balanced profile previous session to get VAL.. Failing to sustain above 15800 and breaking 15750 was expected to get till 15650-15635 and NF made this move via sharp liquidation with a low at 15660 and closed at dVAL.

Auction recap :

NF though accepted well in 08th trend day in first session, failed to sustain higher above second extn handle of that day 15810.Another attempt now above 15790 could reverse 08th Jul auction.

NF gone for 3IB down double distribution day. As explained in commentary, there was no supply today and it was clean long liquidation move. Data as well as wider lower distribution confirms the same. This is shaking the weak hands before going for a upside move. Negation at 15600 for the view now.

POC still left at top despite wider lower distribution with good volume. To bring further value down, NF should have lower overlap in today lower disbn holding below extn singles..Acceptance in extn singles could push price back to POC.

Enough test now done in 15650 zone including today's test..Another acceptance in 15650-15600 band calls for large move down towards 15500/15400 quick. Still this zone is good swing support considering today's auction of double distribution.

As we discussed many times earlier, good initiative auction may not start with double distribution profile..DD is mostly to clear weak hands so if they want to break such strong support zone of 15650-15600, DD profile is not best way to start.

Swing wise 15820 suggested for long trade which got saved today. Now can consider Long above 15800 with 15650 negation to get 15870/15950/16020. Swing sell activates below 15590 for 15450/15300/15150 with negation at 15750.

For next session, 15740 resistance. Above 15740 could test 15765/15795/15820/15845-15865. Above 15875 could move to 15905-15920/15950.

If fails to sustain below 15680 and accepts above 15720 then could test 15745-15765 and then all the remaining obj as mentioned above.

Failing to sustain above 15780 and break below 15730 could test 15700-15680 and weak below 15675 for 15650-15635. Quite weak below 15620 for 15580/15550-15530.

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 :

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