Daily market summary of NF and charts, data of NF & BNF -30May'23

NF opened flat and pushed above PDH but could not sustain above IBH and all day spent in IB range..

No demand day as range and value is overlap with volume just 38L lowest in 2-3 years.

Last session low was not weak due to gap underneath but today's low is weak around PDL and then from intra day mechanical lows in between 18650-18660.. as long as this low is not probeds, risk is on long side esp with such volume..

18765 is good resistance and tough to sustain with this kind of auction and volume..If they create value higher above 18765 then initiaive auction could take place..Till that happens, balance and test below today low possibility to move into gap from last session.

For next session, if fails to sustain below 18700 and moves above 18720 could tag 18750-18765 then rotation down possible..If sustains above 18765 then 18790-18810. Weak below 18700 for 18670 and quite weak below that for 18640/18615/18570.

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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