Daily market summary of NF and charts, data of NF & BNF -19JuL'24

Green tickz
Jul 21, 2024
2 min read

NF printed large outside day with FA at low with solid buying tail on expiry day.Since dPOc moved to upper disbn, it was buyers job to defend that POC zone for next session else expected move back to fill back extn singles/extn handle of DD up day. Considered weak below 24750 for a move towards 24680 then till 24545.NF failed to hold above POC of DD day on Friday and started having drive down with volume which cleared 24750 in A itself and probed 24680 by IB then later stayed below it to get 24545 and below and closed at low.

Clean trend day down closing at low with dPOC down.

Volume and data suggests all bullish factors from Thursday got negated with almost outside day auction.

Auction looks incomplete at low as discussed in commentary.Focus now on next session for sellers to hold below POC zone all day.Failing to do so odds to have overlap inside last two days back to back opposite imbalance days range.

So, holding below 24535 sellers job to get 24465 zone and bounce else more weakness downside..Next good swing support around 24355 zone to look for bounce. If not able to stay below 24535 odds are higher to fill back inside last two days range.

Check hypos in trade plan for actionable trades.

Weekly :

Second week of one time frame up after large outside week closed above dVAH at end of last week. Holding above 24450 expected buyers to be in control to move towards 24790 and not expected a move beyond 24800 then pullback expected. NF moved towards 24835 in the week then pulled back and closed at low of the week.

24575 pivot for the week. Staying below this could test 24465 and bounce else 24380-24355 possible and solid bounce possible from there back to 24450/24535-24575 if accepts 24650/24740-24760/24820 if sustains 24900/24960/25030 possible anything above that could get 25100/25250. Staying below 24350 could get 24250-24230 then bounce else 24150/24090 odds.

Monthly :

As long as this 24300-24350 holds balance to skew higher expected to stretch further then do a pullback for balanced profile on monthly. NF hit 24835 and doing pullback now. same support 24300-24350 for the month..As long as that holds we could look for balance between 24350-24650-24850 then rally higher.If stays below 24300 then 24200/24080/23970 possible and quite weak below 23950.

Charts :

Daily