Daily market summary of NF and charts, data of NF & BNF -20Jan'24

Last two days what NF had done is accepting above 3-1-3 profile of 18th with neutral day+ FA at low on 19th then on 20th got a gap higher which failed to sustain and gone for negation of FA at low from 19th then turned out as outside day to close below dVAL.

In daily time frame context, swing resistance 21620 taken out and started accepting above 17th high volume trend down day POC zone as well as negated VWAP of that session.So, despite clearing FA of 19th in last low volume session, auction shifted back to mean reversion from that island excess top trending down move which now seems ended at 21316..

So, for next session, this outside day is context..As said in closing commentary, expecting start of next week to open at higher quad of last session i.e, 21675/21750 then looking for acceptance higher from there towards 21820-21840 and above.If buyers not able to get that and if start accepting below 21560 then liquidation odds towards 21475/21400.

Weekly context : After stopping 9 weeks of one time frame up in last week, NF gone higher to mark new ATH this week and then fell off from there to print outside week now with two sessions of high volume, one which pushed down and one which pushed back higher. This has resulted in wide dPOC for the week at 21675 which is going to be pivot for next week. Accept above that then we do 21740/21820-21840/21920/22020 to retest 2days composite Island top..Failing to sustain above 21675 or moving higher and dropping below that again could test 21550 goes means 21475/21400/21360/21310 if sustains 21250/21200/21050.

Monthly context : 21500 monthly support gone in last week which was marked for 21325/21200..It gone for 21325 and rejected strong on high volume day now..Now sort of tail at low for monthly with couple days accepting back above 21500.Hence looking for filling monthly balance again which got dPOC at 21700 and dVAH at 21830.So, as long as it holds around 21500, now Jan move is towards 21700/21820/21965/22050-22100 again.If 21500 accepts down then test towards 21410-21360 zone and no rejection means more downside towards 21200/21050.

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Notes :

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