Daily market summary of NF and charts, data of NF & BNF -29Mar'23

NF printed 4th day of one time frame down on Tuesday. Supply was visible at top on that day who left selling tail.. NF made a move in OAIR to test selling tail zone failed and gone for test of PDL zone then bounced to get NE day close at high. Failing to stay above 17060 expected drop to 16980 then 16940-16920 which they did in first session and then bounced higher to clost at high.

NF left failed auction at low in last session.

Neutral extreme up day with spike up close. 17058-17090 spike zone and staying in/above spike zone = strength and below spike zone weakness.

4days of one time frame down stopped.

4days of low in this 16930-16940 zone and bounced to close at swing res zone of 17090 with decent inventory on buyers side with neutral extreme auction..Buyers should use this close for follow through higher for that move of repeated test at weekly b low zone failure = PLR up move. Negation for this move now at VWAP of this NE day.

For next session levels wise (adjusted with apr contract), 17165-17180 buyers need to defend and scale above 17230 to get 17280/17320-17340 which is good res to rotate down towards 17270/17240-17220 again to decide next. If sustains 17320-17340 then 17370/17420/17450+ possible. Failure above 17320 and rotation down below 17240 if sustains 17180-17165 possible and weak below that 17125/17070/17040/16980/16900.

Swing short suggested if NF fails to hold above 17050+ and moves below 16980 for 16890 and below..They got this move but failed to get obj and got only till 16940 and got negated on same day at 17090. Two way whip in last two sessions on swing..Now, staying above 17125-17165 band swing is for 17320/17370/17420-17450.

Charts and data :

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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.

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