Daily market summary of NF and charts, data of NF & BNF -19May'21

Buyers were in firm control after last session with higher value day post gap up and accepting in previous selling extension singles..NF today opened below PDL but could not sustain and gone up with open drive..Failing to sustain below 15100 expected to probe 15150-15170 zone and NF gone for this move via open drive with 15157 high..It could not sustain above VAH zone and left secured high and after a balanced first session gone down into close clearing PDL and closed below dVAL..

Pointers from the day :

NF got overlap value day and though close was below dVAL, supply was not heavy today from inventory and am seeing this as liquidation from weak longs.. Reason a) we got lower volume of just about 65% from average and b) last 2 hours auction left poor value area suggesting more of locals play.. If we sustain below PDL then could have more liquidation coming in else looking for snap back into today value area for another overlap day for most of next session.

Second day of acceptance into major selling zone from 12th Mar..As long as this is not accepting below 15030 then buyers could gain strength further.

Swing view support zone mentioned as 15030-15050 zone and NF tested this zone today.. If this goes then 14950/14850 opens up as mentioned yesterday with negation at 15200 and once 14950 done could move the negation to 15070.

Price wise for next session, staying below 15090 is ewak. Above 15090 looking for repair of poor value area till 15120/15145-15160 and quite bullish above 15170 for 15220/15260.

Failing to sustain above 15140 could drop to 15090/15060/15030 and weak below 15020 for 14990/14960 and quite weak if accepts 14960 for 14920-14900/14860-14840.

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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