Daily market summary of NF and charts, data of NF & BNF -22Oct'24

Last session NF negated DD trend up day of Friday auction hence expected retest of Friday low and upside marked 24875 or extreme case 24925-24940 as resistance to look for PDL then Friday low. NF had a open drive up and failed at 24939 then pushed back to PDL quick then remained all day down to get Friday low 24640 then resolved down with spike and closed at low.

Almost a clean trend day with no fight from buyers..And again auction looks incomplete at low.

Spike down.24600-24507 spike zone.

24650 good resistance to start the day if we open inside range to look for spike fill and then follow through downside.Or drive down any could easily get 24450-24410 zone then solid bounce back to 24530 if sustains then 24600-24650 test then decide.Minor relief above 24650 and major relief only above 24765.

Yesterday auction was suggesting larger time frame not done their job and monthly going for extended b profile with acceptance below 24800.Hence mentioned that likely to get more downside for the week to get 24680/24600 pause then later 24450/24250.They probed till 24510 now and 24450-24410 bounce then later 24250 remains open now.Swing negation moves to 24850 from 25080.

Levels wise for next session, move above 24645 could get 24680/24715 and tough to clear 24715-24765 zone straight and rejection possible.Later above this could move to 24795/24840.Failing to stay below 24450 and move above 24530 could get 24575/24605/24635-24645 then as mentioned above for more upside.Not able to stay above 24590 and move below 24530 could get 24500-24490 weak below that for 24460/24420-24410 if sustains could remain weak all session to get 24365/24315-24295/24255/24225.

Charts and data :

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