Daily market summary of NF and charts, data of NF & BNF -17Aug'21

NF have seen profit booking at close in last session after leaving secured high at top.. To get further bullishness buyers expected to clear the tail at top. Failing to sustain above 16580 or below 16500 early in session today expected to repair yday profile with value overlap which has left anomaly. NF gone for this move in first session having overlap betwen 16530-16580 holding that tail at top.

Below 16530 probe was for 16500-16480 and this happend later in mid session.Then got a bounce to end up as neutral extreme profile with spike close higher. Failing to sustain below 16510 and back above 16545 probe was for 16575-16595 which took place via spike auction.

Pointers from the day :

NF printed 4th day of one time frame up.

It was neutral extreme up day with spike close. Spike rules apply for next session.

16573-16610 spike zone.

Sustain spike zone = bullish later ;

Open and sustain above spike high = quite bullish ;

Accept below spike zone = weakness.

Neutral extreme days could bring in change of auction. Either mean reversion to test origin zone of fresh leg started or fresh leg upside could start next after this Neutral extreme day. Same 16620-16640 zone as ref upside and now and downside ref is 16555. Staying above 16640 fresh leg upside for 16750 with 16555 negation. And acceptance below 16555 mean reversion to 16450/16420-16380 with 16640 negation.

Another day of rise with mechanical support today (16335/16465/16535 are the zones of mechanical support now) and same case of MO deteriorating further down in rising market (to -51) i.e, more declines than advance in broader mkt.This entire rally from 16360 extension same case repeating.Odds are higher in a session or two for good mean reversion move with this structure.

For next session, 16555-16570 support.Holding this and moving above 16595 could tag 16620-16640 and bullish above 16640 for 16665/16690-16710.

Failing to sustain above 16650 and back below 16600 could test 16555 and weak below it for 16530/16480/16450 if sustains 16420/16390 probe possible.

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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