Daily market summary of NF and charts, data of NF & BNF -23Aug'21

NF left a normal day profile in last session. Expected imbalance move for next session..Buyers left a tail from swing support zone 16360 and sellers had lower value in last session and it was nicely poised between both buyers and sellers. Whoever gets follow through, expected them to defend value of last session rotational profile.Failing to do so expected to travel to other end and then extend further.

NF got a gap up but buyers could not sustain gap and accepted into previous session value area which pushed NF to other end value area low. If fails to sustain above 16500 and back below 16460 probe was for 16420/16390-16385 and this happened via open drive and IB extn down.But it could not sustain below VAL to extend further and bounced back higher above PDH and then closed at dPOC.

Pointers from the day :

NF stopped one time frame up on daily time frame after 5days in last session. Today's two way auction with overlap value and data reading suggests immediate rally higher got less chance. We could look for balance to continue for a day or two between 16600 and 16360. Momentum once this range breaks.

On weekly structure, suggested first test in 16560-16580 tough to accept and could send it back towards 16400. NF reacted in this zone and retraced.Same view still that this zone again could act as upper end as of now.Swing wise bullish only if we see value above 16580.

NF got a buying tail in last session from swing support zone 16360 and that tail today defended again. This 16390-16360 swing support now.. Swing shorts could be taken below 16360 with 16500 negation for 16220-16160/16060. Swing long can wait still.

For next session, above 16525 could probe 16555/16580-16590. Quite bullish above 16600 for 16640/16680.

If fails to sustain above 16550 and back below 16490 could test 16460 and weak below 16460 for 16430/16410-16390.Quite weak below 16380 for 16350-16335/16300/16275/16240/16210.

Charts and data :

Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members via private blog.

Notes :

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