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Daily market summary of NF and charts, data of NF & BNF - 21Jan'25

Writer's picture: RKRK

NF had a double distribution up day moving away from weekly bell balance in last session. Volume and data was not with buyers at close and upper disbn gone too skewed hence observation was that probing back in lower disbn of the day next if they dont get gap/drive early in the session. If sustains in last week value then more weakness expected.


They opened at PDH but failed to hold and gone for open drive down to test lower disbn as well as PDL quick then gone for squeeze which failed to clear morning tail and gone for sharp two way moves then closed down below last week low. Marked weak below 23375 for 23320/23225/23125 and they got 23225 swipe first then later got 23125 swipe today.


Solid long liquidation day with good volume.Likely to balance and skew down further.


Spike down close. 23160-23051 spike zone.Stay in spike = weakness ; Accept above spike = some squeeze and balance odds.


Large outside day clearing 6days range..So, sellers need to get quick drive down else some balance odds next session before moving down further.


Two good res for next session 23220 then 23340. Any relief for buyers only above these zones..till then any bounce could see for rejection to push for balance lower.


Swing short as long as staying below 23500 marked for 23310/23235/23165/23050/22940/22850 this week. They got till 23050 today. Negation moves to 23340 now to look for 22940/22850/22750 this week.


Levels wise for next session, not able to stay below 23020 and moving above 23105 could get 23145-23160/23195-23210 reject.If accepts 23220 then 23255-23265/23300/23335 reject. Bullish above 23345 for 23375/23405/23440.If fails to stay above 23190 and moves below 23145 could get 23110/23075/23045 Weak below 23040 for 23010/22975-22965/22935/22900/22865-22850.


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