Daily market summary of NF and charts, data of NF & BNF -18Oct'21

Auction recap from the day :

NF got a large clean gap up today and gap remained unfilled and gone for higher value day.. This is back to back 3rd gap and the larger gap this 3rd one.

7th day of one time frame up on daily.

If we combine above said two info, odds are quite less for the rally to continue from here..Either a balance to pull mean upside or some pullback in daily time frame got higher odds from here..Interesting to see how buyers manage from here.If they go for balance, then much higher moves swing wise could take place in coming days/weeks.

It was 3-1-3 profile today..i.e, bell shaped balance with tails at both ends. Sustain the tail = trend ; fails and accepts back in value area = probe entire value area.

Swing wise above 18150 final probe was for 18500 and this is done now.As mentioned in last report, not expecting anything much from here till we get new information.As said above at start of the report, this large gap and 1TF stretched also now suggesting not to expect much upside immediately.Will wait for a session to decide if they are planning for next leg towards 18700/18950 quick or some balance possible.

For next session,18450-18470 band support for buyers. Holding this and scaling 18495 could get 18520/18545 and further bullish above 18565 for 18590/18620/18660.

If fails to sustain below 18400 and accepts 18460 then could move to 18490/18520/18545.

Failing to sustain above 18510 and back below 18480 could get 18450 and weak below that for 18415-18395.If sustains then 18360/18335/18300 probe possible.

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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