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

Failed auction at top after 3days of one time frame down with neutral + 3-1-3 profile in last session..Sustaining value expected trend and observation based on structure was that one wide range down day possible.NF gone for such wide range day with gap and tail then all day moved down.

Gap down and large selling tail tilted auction below wide POC of weekly 17800..Weakness.

Double distribution down trend day with sellers held control all session..Likely to remain under pressure..Any bounce now in this profile range could face rejection to rotate down again.

Sellers need gap/drive below this DD profile else a session or two to balance then could rotate down again.

We are now almost back to lower quad of larger balance in making for 2months and looking for more on weekly/monthly time frame pushing down below this balance as long as not having any value above 17820.

Levels wise for next session, not accepting below 17520 and back above 17555 could get 17595-17610/17640-17650 and expecting rejection around this zone..If sustains 17660 then 17690-17710/17740 then could come down from there. Failing to stay above 17610 could fall back to 17550-17540/17515 and weak below that for 17470-17450/17400. Failing to stay above 17680-17700 could fall back to 17615//17580/17550-17540/17515.

Swing short view suggested on 16/02 report that below 17920 for 17805/17720/17600/17450. We have done till 17535 now..Negation now moves to 17820 to get 17450/17200/17050. It could be straight down or after 1-2 sessions of balance.But odds of getting probe below old swing low is higher.

Charts and data :

Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.

Notes :

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