Daily market summary of NF and charts, data of NF & BNF -17Nov'22

NF printed FA at top and closed as neutral center day in last session. Observation was that close was weak and ST top formation was on and expected to resolve downside. NF could not sustain below neutral day low and had slow mean reversion move upside in first session. In second session, cleared entire day slow OAIR move and ended with spike down close.

Back to back neutral days and FA at top remains in control with neutral extreme down close.

Spike down close and spike zone is 18405-18346. Stay in/below spike = weak ; Stay above spike high = strength.

Weak low at close right at ledge of 15/11.

5 days composite nice bell balance with narrow range and closed at dVAL.

All above info suggesting weakness. As mentioned in commentary, looking for move down towards 18280/18240-18220.

Buyers for next session should get move above 18405 to test 18450 if sustains then 18495 FA test. Failing to do so and staying below 18350 looking for liquidation towards 18310/18280/18240-18220. Max stretch 18190 zone then looking for bounce from there..If we start rotating below 18190 then quite weak towards 18150/18120/18060.

Auction today and then data at close suggesting last few sessions mechanical support buyers are making exit hence we could now look for a move away from this balance.

Swing short triggered below 18410 yesterday.Negation can move to 18510 now and probe is for 18310-18280 zone and once moves there could trail at 18450 for 18240-18220 next.

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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