Daily market summary of NF and charts, data of NF & BNF -13Jul'22

NF had a minor spike down close in last session and sellers expected to stay below 16100-16120 for next session to get further move down. NF had a open higher and whipped above 16120 at open auction but could not sustain higher.Stayed lower later then resolved as liquidation break day and closed at low.

It was double distribution down trend day with 3IB move..Today's extn singles/vwap/POC ref for next session..Holding below this and accepting below today profile could lead to more liquidation. No acceptance below today profile and clears today POC zone 16095-16120 means solid rally possible towards 16180/16250+.

Mentioned yesterday that observation from last two days was that lot of inventory shuffling in market for a large move..Today also it happened around 16120 zone at open auction. All this action finally resolved lower by close with 3IB move. This 16120 now sealed at top. Holding this, auction could lead to 16840-16820 next swing obj then pause and then 16750/16650/16500 possible as per island setup discussed today. Today's move below 16050 confirmed Island at top. Pain of last two days and such inventory shift is for some one way move.

NF negated 16042 FA yday and closed 16020 gap today..So, any demand now could wait to get back in till this liquidation move is done.

Swing view was marked for 15950/15840-15820 with negation 16150. This negation got saved today and NF almost moved to 15950 today.As said above, remaining 15840-820 possible below today profile and as long as staying below 16120 could expand to 15650/15500/15350 may be with some intra bounce and all. As mentioned in weekend report, we got nothing but only poor structure below 15950..So, if we are getting liquidation move means could get all above said probe till we see evidence of demand gets in.

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 :

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