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

Green tickz
Dec 25, 2022
3 min read

NF had a clean long liquidation b profile below high volume 4days composite on Thu. Observation was that not a good sign for buyers and likely to continue down further. Acceptance below b profile staying below 18165, probe was marked for 18080/18035/17990. NF gone for this move of accepting below b profile which lead to clean trend day down all day to get way below 17990 till 17835 then closed at dVAL.

NF printed 3rd day of one time frame down and trend day.

Volume registered was highest in last two months. Hence becomes important low this 17830.

Monthly printed outside month with a probe below Nov low.

Close at dVAL.

Sellers need to stay below 17970 next session to get balance and more downside..Acceptance of 17970 calls for balanced session as that confirms trend day failure..Immediate reaction next to high volume trend day failure = balance for a session or two.

Rally chances only above 18175 naked POC as of now after such high volume day. Till then looking for balance or more downside.

Levels wise for next session not able to stay below 17850 expecting move back to 17940/17970 if sustains 18040/18100..Not able to sustain above 18050 or 18100 looking for move back to 17970/17920/17870.

Swing short from 18500 met 18150 and next obj 18050 remained open. And after b profile on Thu, moved negation to 18325 and suggested that below b profile swing opens up for 17930/17850/17650. NF gone for 18050 and extended obj zones probe of 17930/17850 on Friday and 17650 now remains open. Swing negation now moves to 18175.

Weekly :

18520 and then 18650 marked as two solid res zone for the week..Staying below 18520 expected a move towards 18220/18150 then bounce then later was looking for 18150/18050. NF held below 18520 and got 18220 then bounced and later moved to 18050 and much lower then closed at low of the week.

3rd week of one time frame down now on weekly. 18050 immediate resistance to start the week. Staying below 18050, expecting NF to move towards 17650-17600 then bounce and later accepts means looking for 17400/17200.

If 18050 accepts then balance possible..It could do two way auction in which could test 18150-18175 zone which is solid res to rotate down. If that accepts 18250-18275 next good res which could again rotate down..Not expecting anything above 18275 for the coming week if we move higher holding Friday low.

No balance and just inrta pullbacks but straight move towards 18275 quickly in 2-3 sessions and accepts means rally back to 18400/18520/18610-18650 possible.

Monthly :

After that move below 18500, expected to push lower further towards Nov VAL zone. NF gone for Nov low and printed outside month now..This calls for two sceanarios

a) Outside month Friday low zone holds and if we start accepting above 18050 with value means possible for overlap in Dec value i.e, with a move back to 18275/18400/18520/18650 from there or max stretch to 18800 then from there could rotate down below towards 18350/18050 to form big balance in Jan.

b) Not allowing to create value above 18050 or just quick whip above 18050 but more balance formation below 18050 means could look for imbalance down further at start of Jan towards 17600/17400/17200 and much lower as we disccused in commentary as long term outlook. This balance below 18050 removes excess context below two month low from Friday profile hence more bearish outcome.

Charts :

Daily