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

NF left a weak low and rallied with second distribution in last session. Buyers to avoid repair of value area, expected to hold above extension singles zone and move higher above 17240 quickly. NF had a gap up today but could not sustain higher after open tick and all day gone for higher value session, then towards close had a spike down close into lower end of yday second distribution.

Pointers from the day :

NF stopped 5days of one time frame down today with a move above PDH..

It had a spike down close..Spike rules for next session. 17095-17043 spike zone. Weak if we accept spike zone ; Bullish if sustains above spike zone.

NF had a 45 degree move away from wide POC in last session..Today they justified that move with a value higher..But today most of the auction was dominated by locals who could not clear morning open high and hold in value zone and had to give up via liquidation..So, as of today's auction demand above 17120 failed to hold.Buyers gain strength only above this now.

As mentioned yday, for the bullish auction happened yday 16990-17030 band is support..We had imbalance disbn yday into close..Now, today all day auction above 17120 failed to hold and gave a imbalance down close..Focus tomorrow is these zones..

Sellers of this spike today if committed then should start accepting in 17030-16990 band to get follow through down to probe into yday value area till 16930 if accepts then more downside one way possible.

If this support band holds means then chop between this band and upside 17095-17120 band.. Could be two way auction in this zone..Above 17120 could expect repair of today's poor value area till 17175-17195 and above 17195 quite sharp move higher possible towards 17270/17350+.

Hypos for next session, 17120 resistance..Above that could get 1745/17170/17200-17210 if sustains then 17245/17270 probe possible. Above 17285 could probe 17320-17335/17375-17390..Above 17400 could get 17435-17450 if sustains then 17490/17500/17550 possible.

If fails to scale/stay above 17120 and moves below 17070, could get 17040 if sustains then17010-16990/ 16965/16930/16895/16865 possible..Below 16860 could get 16820/16780/16745/16710/16665.

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 :

a) Check glossary page in website if any of the terms used in the post are not clear.

b) If images are not clear, click on them for enlarged view.