Daily market summary of NF and charts, data of NF & BNF -28Jun'21

NF had a profile with no secured high and low in previous session and observation was that auction was quite mechanical and buyers had to get drive/gap to avoid repair of the profile.NF got a clean gap but could not sustain the gap and gone for open test drive down failing above PDH.

Failing to sustain above 15900 and acceptance below 15880 expected to probe 15850 then 15820-15800 zone. NF gone for this move with a probe till 15830 and then closed at dPOC. Except poor low of previous session rest all mechanical refs of poor auction is now repaired.

Pointers from the day :

NF had left excess at top and gone for long liquidation profile. With a probe of VAL of previous session,this excess is partially confirmed and break of 15825 in next session holding the tail at top could confirm it fully.

It was clear case of buyers failure today and at the same time no fresh supply came in..All day turned into liquidation leaving thick b profile. Acceptance of this tail at top for rally and below this b profile more liquidation.

Context wise based on previous daily auction as well as inside weekly profile , above 15900 start of fresh leg was the bias. And, buyers had a open favouring this but they failed to do it and gone for liquidation..Will give another day to confirm if today's auction was just to clear weak longs and real move they start from tomorrow. i.e, Buyers should start accepting above 15910 today tail to start a fresh leg. If they fail to do so in next session also then path of least resistance could turn downside to get more long liquidation breaks.

Volume was on quite lower side today suggesting supply also was not keen to push this down..So, its all about fresh demand by volume and auction to look for more acceptance higher else buyers liquidation is the way further for next 1-2 sessions.

15800 swing long met first obj 15900 last week and next probe was for 15990/16080 with 15820 negation..It got saved today and prefer to keep the negation at same 15820 considering long liquidation b profile. Below 15820 could look for swing sell with 15900 negation towards 15750/15690/15600.

For next session, 15830-15840 support if holds then could test 15880/15905-15920 and then 15950. Further bullish above 15960 for 15990-16020/16080.

If fails to sustain below 15820 and accepts above 15860 then could test 15885/15905-15920.

If fails to sustain above 15905 and accepts below 15860 then could test 15830 and weak below it for 15800-15790 and quite weak below 15780 for 15750/15720-15700.

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.

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