Daily market summary of NF and charts, data of NF & BNF -26Jul'22

NF stopped 6days of one time frame up and also negated FA at 16620 in last session. Observation was that time correction for 2-3 sessions. Buyers expected to sustain above 16690 failing to do so expected chop till 16560 and below 16560 another liquidation move expected towards 16520/16480. NF got a open drive down clearing PDL which got 16520 in IB period then bounce could not sustain above PDL and gone for 16480 with minor spike close at day low.

2nd day of one time frame down and liquidation. NF cleared that weak low at 16490 and testing large gap zone now.

As discussed today, now this 5days composite suggesting large b profile..We had a large selling tail today which had control all session.If sellers still committed then next need to defend 16510-16540 zone and drive down below 16480 or gap down below 16480 for more liquidation..Once started accepting below 16480 with value then might be tough to climb back higher again without good liquidation till 16420-16400/16365..

Failing to stay below 16480 and accepts above 16540 means chop for some time to repair poor value area of today then could make slow grind higher towards 16580-16610/16650/16680-16690.

Swing view mentioned that sideways to bullish for 2-3 sessions..Today's close if gets follow through down then focus is how good they stay below 16480 all session..If they fail and moves above 16550 then swing long view with 16440 negation to get 16610/16680. Once moves to 16600 then can shift negation to 16490. Swing short view prefer to wait for one more session.

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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