Daily market summary of NF and charts, data of NF & BNF -20May'21

NF closed below dVAL in last session and observation was that weak longs got liquidated and as long as holding PDL could snap back into last two days value area for overlap. Below PDL expected more liquidation to happen. NF opened inside range and but could not sustain VAL zone and gone for open rejection reverse down move and below PDL had a quick liquidation during first 30mins.

Below 15020 considered weak for 14990/14960 and considered quite weak below 14960 for 14920-14900. NF got till 14980 during IB and then gone for entire session till last hour into tight long liquidation balance and then got spike down into close to get 14910 and closed below dVAL.

Pointers from the day :

NF got a selling tail from VAL zone which got extension later via spike into close.

Spike down into close. 14980-14910 spike zone. Accept in spike = weakness for later session ; Below spike low = quite weak ; Above spike high = Bullish.

NF closed the gap from 17th trend day as well as the extension zone of 15030 from weekly/monthly..This suggestes buyers failed one more time and returning to two way auction again.That imbalance started out of trend day from 17th is now negated.As of now bias is to look for two way move within 14800-15200 range.

Swing view below 15030 was for 14950/14850 and NF probed 14950 today and as mentioned yesterday now negation moves to 15070 from 15200 for the remaining obj 14850. Above 15070 swing view gets into neutral mode.

Price wise for next session, 14970-14990 is resistance zone. If fails to sustain 14990 then could test 14960/14920. Below 14900 quite weak for 14860-14840/14810.

Above 14990 could get 15020/15045/15070.

If accepts 15090 then quite bullish for 15120/15145-15160.

Failing to sustain above 15070 could test 15040/15010/14980.

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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