Daily market summary of NF and charts, data of NF & BNF -27Apr'21

NF had a POC skew down by close with edge to sellers in last session and holding below 14540 expected to repair 23rd profile. NF but held VAL around open and gone for slow open drive above 14540 and delivered a trend day closing higher. Above 14495 probe was for 14550 then considered quite bullish above 14565 for 14640 nd NF gone for this upside probe.

Pointers from the day :

NF had a buying tail from VAL zone.Second day of tail and open drive.

NF registered 3rd day of one time frame up after having excess tail below 14210.

It was low conviction trend day. low conviction due to a) volume lower than average b) mechanical support at visual ref all through the day c) not even single extn handle of intra day held i.e, every extn handle got tested/closed then gave a extn higher suggesting low conviction trend day.

But, upside probe not yet completed with close today. dPOC also had skew higher at close suggesting buyers had edge at close.

Above 14450, observation for swing was that immediate down move is arrested and was expecting balance with 14650 to be a upper end which got swiped today.Will allow another day to check if NF could develop value higher above 14650 to look for rally to continue..If fails then back to same view of balance in which mean reversion towards 14450 minimum possible. Considering today’s low conviction trend day, its better for NF to retest 14500-14450 zone minimum before any rally upside.Else, upside move got risk associated with it.

For next session 14600-14620 is support and holding this could go for move above PDH to get 14675/14700.. 14675-14700 strong resistance. If accepts then 14730-14750/14780-14800 probe possible.

Failing to sustain above 14680 could test 14630/14600 and weak below 14600 for 14570/14540/14490-14450.

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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