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

Recap of the day's auction :

War news lead to large gap down + drive down with tail + spike down close for 5% down day from LTP..

Rally from 16850 was mechanical which got repaired and cleared down badly with this news.. Once or twice mechanical support and rally on swing levels are fine but repeatedely doing so adds risk on long side swing wise, proven one other time.

Spike down close. Spike rules for next session. 16420-16230 spike zone.. value in spike or acceptance below spike = weak ; above spike zone = strength..

Any strength now for intra is only above 16450 till then this could remain down. If accepts 16450 then could move to POC of the day as price made 45degree move away from it. So, context for next session is stay away from POC and get lower value. Failing to do so rally back to POC above 16450 then do overlap session.

As mentioned today in commentary, below 16600 swing has opened up 15900/15600 probe so as long as staying below 16600 odds are higher for these probe on downside. If we get a bounce towards 16500-16600 without probing 15900 then could look for sell the rise with negation above today high.

Kindly refer plan below for hypos tmw.

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 :

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