Daily market summary of NF and charts, data of NF & BNF -14Feb'22

NF had a long liquidation profile on last session and mentioned that close was weak and looking for follow through downside. If Friday profile gives up then solid one more liquidation was expectation. NF gone for large gap down then had open auction holding gap with lower value and ended with spike down close..Below 17110 probe was for 17040/16965 and NF today moved all the way down towards 16800 and closed there.

Pointers from the day :

Gap down and selling tail day which resulted in lower value..Clear control from sellers all session.

Spike down close. 16905-16801 spike zone.

For next session, value in spike = weakness for more downside ;

acceptance below spike = quite weakness ;

above spike zone = strength /short covering.

Swing wise break of 17520 was marked for 17200 and we have far exceeded that now.On weekly picture mentioned that extreme stretch was for 16995 then bounce and below 16950 expected downside towards 16850/16600/16450..We have tagged 16850 and next leg opens below 16800 for 16725/16600/16430. Negation at 17030. Upside now only after seeing acceptance above 17030. Will wait for a session to decide on this.

As mentioned in commentary, staying below 17030 this swing move could move towards minimum 16725/16600.

NF broken Jan low today which was clearly visual ref..Odds for sell off possible if we get any rise from here..Above 17030 first sign of strength and only above 17210 could confirm that we could revert to mean and swing low is done..Till then odds are there for sell off on first rise from here.

Hypos wise for next session 16920 resistance zone. Failing to stay above 16920 and back below 16880 could get 16850-16830/16790 and quite weak below 16780 for 16750/16720-16710/16665/16635/16590. Only two ref if 16570 goes which are 16500/16460-16430 zone.

Above 16920 could get 16950-16970 if sustains then 17010-17025 possible.Bullish above 17030 for 17065-17080/17120/17160/17200-17210. Above 17220 could get 17260-17280/17320.

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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