Daily market summary of NF and charts, data of NF & BNF -29Jul'22

NF had back to back imbalance days with Rotation factor around 15 at Thu close 16950.Observation was buyers are relentless to push this harder and quicker with odds for meltup move for 17130.NF got another large gap at 17130 then remained in gap with value which ended with spike up close again.

It was Neutral extreme up day. Failed auction at low. Volume was higher.All info pointing that buyers still driving this up and meltup move pickng up pace.

Spike up close hence spike rules for next session. 16170-16220 spike zone. Stay in spike /above spike =Strength ; Below spike = weakness.

As mentioned in commentary, if 17200 scaled then swing got legs till 17340 next..NE spike close added conviction for this. For next session, holding 17170-17200 buyer should look for 17280/17340 next then might see some profit booking to start the week.

Weakness below 17140 for retest of FA zone 17050 then travel down in gap zone towards 16950.

Larger picture :

Weekly :

NF weekly had double distribution profile last week and buyers expected early acceptance DD profile for the week else dip expected for 16520/16450/16360. NF gone for this to start the week to probe till 16450then had a bounce to move above DD profile high. Failing to stay below 16520 expected to bounce back to 16750 and above 16750 probe was marked for 16850/16950/17150-17200 which is done now at close of the week.

This week has got triple distribution profile. Support for the week stands at 17090-17140..Staying above this band we could look for 17340 then rotation down to test 17200/17140 and that should hold and bounce higher..Acceptance below that could move towards 17050/16950 if sustains then 16850-16800 possible which again good support to push higher to fill back triple disbn profile. Below 16800 it could move towards 16650. Any acceptance above 17340 could push this higher to 17480-17520 which is again the zone to rotate down..As extreme case could move towards 17640-17700 band above 17520.

Monthly :

July second half has gone for imbalance auction after sealing 15950. If sustains 16700 then monthly profile expected to move to 17200 and this is done at end of month.

As discussed last week,monthly on minus development now clearing all long liquidation zones of last two months May and June ref zones..Apr was also long liquidation b profile month.16500 solid support as of now to start Aug and upside this minus development could move towards 17340 to test Apr month liquidation zone i.e, lower balance of that month then might rotate down to make some balance as we are way above July dPOC as of now.This balance process should hold 16650-16500 band for Aug.

Weakness below 16500 for 16250/16050. Once that balance done or no balance but seeks acceptance further above 17340 means probe is possible for 17500/17700 in first half of Aug. Once started accepting above 17340 support moves to 16750 for Aug.

Charts :

Daily

Weekly

Monthly

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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