Daily market summary of NF and charts, data of NF & BNF -16Jan'23

After dd up day, buyers had advantage at close in last session. If they are committed then expected them to hold 17980-18010 band to sustain higher in upper disbn of last session to move higher further. NF got a decent open but could not sustain above PDH and gone for test of 17980 zone by end of IB period.Later started accepting below 17980 for which probe was marked for 17925/17830. NF moved till 17890 then closed at dPOC.

NF negated effort of buyers from last session double distribution profile by closing extension singles and extension handle..Suggests buyers not yet committed for a rally. Back to balance mode now.

Large selling tail and almost a trend day but due to closing hour auction not a clean trend day..Now, sellers of this day should hold below 17960-975 to clear and sustain below 17910 where we saw sm effort from buyers to save today. Expecting whip/chop between 17975-17910 if we open inside this range tmw and once sustains whichever side, good move possible.

Back to back imbalance days now..If sellers not pressing it down, then good two way auction possible tmw to make decent balance in range of last two days.

dPOC skew down and data suggests sellers got advantage at close and likely to resolve down. As mentioned, mechanical lows of last session in lower distribution still holding and as long as that is not cleared below 17875 upside immediate now carries risk.

So, levels wise stay below 17975 to get 17910 sustain to get 17875/17850-830 then more liquidation possible.Failing to stay below 17875 could move back to 17960-975 sustain there for 18010/18040-18050/18080 and above.

Swing wise buyers got clean chance to clear next wall of worry 18120 today but they failed and accepted below 17925. This opened up swing short with negation of 18080 to probe 17830-17800/17700-17650.

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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