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

NF had neutral extreme down day with spike down into close in last session. NF had a gap open above spike high and VWAP of neurtal day but could not sustain and gone for open rejection reverse down move to clear PDL..After a balance between 21/06 POC and spike high zone of 15730-15790 later extended further down to close below dVAL.

Below 15755 probe was for 15705 which happened in first session..If fails to sustain below 15730 and accepts above 15765 expected 15790/15830 which got only till 15790 and then resolved lower.

Auction recap :

NF though opened higher above prev session spike high, accepted with value in spike and resolved lower..Sellers in control.

NF had a trend down day in first session which got stopping volume below PDL spike towards 15720..This stopping volume managed to negate the trend down day by stopping intra one time frame down move as well as with clean swipe above VWAP..But, could not get follow through further and allowed later one more good extension down till 15680, i.e, resumed the morning trend down move..This is one of rare auction which usually happens before big turn around move.Normally after a clear stopping of trend day most likely auction would be a) it will go for balance or b) reversal.. Rarely it goes for continuing the trend move after clear stopping.

So,this has something to do with inventory adjustment for expiry in my observation. Context wise clear case of failed day from buyers and now its sellers job who had late selling now to hold 15720 and sustain lower in next session to get minimum 15635..If they fail to get extension down and allows probe above 15720 then its fight sign that they could face failure and above 15750 solid confirmation that buyers could emerge very strong to squeeze sellers. This observation based on today's second session auction.

NF started accepting below POC of 21/06 trend day..Sustaining below 15685 could get further probe in that profile.

Unlike yesterday, inventory is with sellers at close today so its important they get follow through down tomorrow else sharp squeeze could be there all day.

Swing wise above 15850 considered to take long but today tradeable price at open was around 15830 and then drifted down without going up further. Now, swing long trigger is at 15750 with negation 15600 for 15850/15950/16080..Sell side only below that strong support band of 15520-15490.

For next session, 15720 resistance. Above that could move to 15745-15755/15790 if sutains then 15820/15845/15875-15890 probe possible.

If fails to sustain below 15630 and accepts above 15690 then could get 15720/15745-15755/15790.

Staying below 15680 could get 15650-15635 and quite weak below 15620 for 15580/15550-15530.

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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