Daily market summary of NF and charts, data of NF & BNF -19Jul'22

NF had a slow trend day closing at high in last session..Buyers expected to defend 16220-16210 to look for accepting above 16310 old tail zone to get 16380.NF had a way lower open from close but could not sustain below 16210 which was yday buyers zone and right away rejected and started moving up via drive to get PDH zone by IB period..Later turned into all day short covering profile with a move well above PDH to close above dVAH.

It was clean short covering profile with large buying tail and close was above dVAH..Auction incomplete at close from that buying tail.

NF left a wide POC today..Buyers job next is to defend this POC zone and get drive higher or gap above this short covering profile.Acceptance below POC zone or failing to sustain above this short covering profile and back in value area are weakness.

3rd day of one time frame up.

It was another low volume session after a slow trend day with low volume. NF showing signs of short term emotional run and max a session or two might hit a road block to get into balance mode or reversal to test gap zone downside below 16170. Reason for such observation is, it negated yday trend day with today open but still buyers pushed for another higher value day and then intra short covering + late failed spike. Sign of buyers want to hold this for ST run and they may end this leg soon.

Swing obj next marked as 16380/16500..Considering the current volume and structure, swing may face difficulty to sustain 16450-16500 band if we get further higher follow through from today's close..We need initiative move in that band else could expect a rotation down from that zone.

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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