Daily market summary of NF and charts, data of NF & BNF -22Dec'23

Green tickz
Dec 25, 2023
2 min read

Short covering profile closing at high on expiry day.Buyers job for next session was to defend 21310-21280 all session and stay higher..NF opened above short covering profile but got open drive down which held in above said support zone to fail the drive and gone for new high.Defending 21310-21280 and move higher expected to clear PDH to get 21410/21440/21470-21490 which they got in first session..That zone 21470-21490 marked as strong res zone for next session.Rejection around 21410 or 21470 expected to push back to 21365/21325/21290-21280 which NF done in mid/second session then again that support zone held to print FA low and got neutral center close.

Neutral center day.

Failed auction at low.

Selling tail at imp res zone.

As said in last couple of reports, 21490 needs to be cleared to call for a move towards ATH and continuation of one time frame up..Till then, look for sm balance in imbalance zone of that 7IB down day. Same view of 21490-21280-21120 zone balance as of now.

Immediate support for buyers 21360 next session..Staying above this could fill till 21450-21475 if accepts then 21510/21535/21580 possible.Failing to stay below 21240 and moving above 21305 could get 21340-21360/21390/21425/21450. Not able to sustain above 21480 and moving below 21440 could get 21405-21395/21370/21340/21310/21285 and weak below 21280 for 21250-21240/21215/21190/21165/21120.

Weekly :

After 6 weeks of one time frame up and spike up close, considered 21400-21440 immediate support for the week to look for bounce and balance with the skew back towards 21640. NF done this in first part of week then got serious liquidation from 21680 zone which cleared that support zone at 21400. Marked test of 21330/21290 then bounce else 21230-21210 and that goes means expected a move till 21040-21020. NF gone for a move till 21060 then bounced and closed below dPOC of the week.

7th week of one time frame up and liquidation happened in last week with higher volume got 3 back to back good volume days clearing most of imbalance happened in last week.Now, after such volume buyers job in coming week is to hold 21280 and balance and then sustain above 21490 as early as possible which could push higher towards 21570/21635 if accepts then 21720/21850+ possible.

Not able to sustain above 21490 and balancing down then clearing 21280 could drop towards 21210-21190/21120 then bounce else one time frame up on weekly could be stopped with a move towards 21045-21020 then bounce possible.21000 goes means large time frame bullishness under trouble and more liquidation possible towards 20935/20850/20720/20650 quick.

Monthly :

Nov closed with spike.Expected Dec to be trending month.Dec now leaving signs to close as short covering P profile month from trending profile considering that inventory adjustment move done in last week via daily wide range bar..So, as long as staying above 21000 expecting Dec to close as P profile to trending profile in upper quad of range of month.21000 goes means possible failed trending month move with sm liquidation.

Charts

Daily :