Daily market summary of NF and charts, data of NF & BNF -24May'21

NF had a spike close in previous session and spike rules were in focus today.NF opened in spike zone and gone for move above PDH. Above 15220 expected probe was for 15260 but NF managed to get only 15250 and gone for open test drive down failing to sustain above PDH..Probe was for 15150/15130 below 15175 and NF bounced from 15150 spike low zone..Then, entire day gone for nice balanced session with narrow range and closed at dVAL.

Auction pointers from the day :

NF created value in spike zone of previous session = bullish.

NF gone for well balanced profile with tail at both ends..Could lead to some imbalance move in next session and tail acceptance = trend that side ; Failing to sustain in tail/ above tail and back to balance = could do entire value area.

NF with higher value today and clearly accepting above 15200, swing view of balance gets negated. Holding 15120 view is for 15340/15400 now.Once scales 15260 negation could be moved to 15170. Below 15120, reversasl possible for 15050/14950 and auction could become choppy too.

Price wise for next session, 15170-15180 support to get 15230 and bullish above 15235 for 15260/15295-15330. Quite bullish above 15345 for 15375/15415.

Failing to sustain above 15260 could test 15220/15190-15180 and weak below 15175 for 15150/15130 and quite weak below 15120 for 15090/15060/15035/15010/14980.

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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