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

NF had lot of inventory adjustment in last session with advantage buyers. 19670-19690 considered as support for them and holding that expected overlap in upper disbn then range extension higher further. Auction and data yday suggested upside was not over and marked obj as 19830-19860/19930 for the same..

NF had a open rejection reverse up from yday support band and probed final obj 19930 then closed below dPOC.

Failed trend day today with double disbn day first then closed extn single intra itself and extn handle still holding..Could lead to good balance next session.

Excess selling tail at top as this tail happened after pushing above Oct high and travelled down good to stop trend day. Swing ref upside this tail now. Sellers need to hold this and go for balance then later clear today buying tail for more downside swing wise to test that lage gap downside left in last session.

Buyers need to defend 19690-19710 band swing wise and look for clearing this selling tail top for more upside.If this band goes means buyers not fighting.

For intra tmw, 19775-19785 lower end to hold and 19865 good HVN to hold..Balance between this zone and whichever sustains later could push that side. Refer hypos below for detailed levels.

Charts and data :

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.