Daily market summary of NF and charts, data of NF & BNF -24Jul'23

NF shown sign of reversal/balance after negating strong 3IB trend day and stopping one time frame up of 8days in last session. As long as staying below last session selling tail expected sideways to downskew auction and that rally of 90 points at close on dPOC skew down profile if not able to sustain above rally high then move back to buying tail and more liquidation expected further.

NF opened right at buying tail zone..Marked weak below 19760 for 19730-19710 then 19675 below that.NF made a low at 19720 at open auction then moved higher but could not scale rally high.Started auctioning in last session buying tail zone which later pushed lower again for PDL/IBL swipe with a move to 19680 then closed at low.

2nd day of one time frame down.

Neutral extreme down day with Failed auction at top.

Another dPOC skew down close..Now sellers need to stay below 19735 in next session to get follow through down else some squeeze possible towards today's selling tail+FA top zone then decide there.

As mentioned under weekly observation in last report, staying below 19825 probe marked for 19760/19710/19650 and two done now..Prefer to clear 19650 also to get a healthy rally back for that balance view suggested.We have that poor value area profile of 17/07 below today low zone..So, not able to sustain above 19735 looking for continuation down to repair that profile with that probe of 19650 zone.

Levels wise for next session, failing to stay below 19650 and move above 19690 could get 19720-19735 and good to look for 19765/19790/19820-19830 above 19735..Further bullish above 19835 for 19870-19885/19920. Not able to stay above 19760 and move below 19720 could get 19690-19670 and weak below that for 19645/19620-19610 then bounce possible..Staying below 19610 could get 19580-19570/19545-19535.

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.

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