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

NF printed 3-1-3 profile last session and sustaining tail was expected to be trend..NF had a open test drive up today from POC and cleared selling tail via drive which lead to imbalance higher.It could not sustain IBH and gone for neutral day swiping IBL and then again bounced to close towards IBH/dVAH.

It was neutral extreme up day with heavy volume printed matching 16th June volume.15560 and 15500 two support zone, if buyers are committed to defend, to get a move higher further towards 15640/15710/15740.

Due to neutral auction another day of poor value area..Failing to sustain higher above PDH could lead to repairing poor value area via another chop session.

Balance expected roughly between 15350-15750 and NF is on the job now..It has left a weak low today around PDL and already we got swing low 15200 with double print tail another weak low..With this weak lows, upside move from here carries higher risk involved..What buyers need is more effort first to test 15750 zone and then need greater effort to sustain above 15750..If they are able to get this done then could look for 15860/15950/16050. Failing to do so and facing exhaustion / rejection around higher levels looking for retest of 15440/15350/15200 quick in a session or two.

Am biased for retest of 15440/15360 before any sustained rally higher and keeping negation as acceptance above 15750 for this..Context for this bias based on daily composite of long liquidation and weekly composite requires need some more fill with large HVN at top.

Charts & 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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