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

NF printed short covering profile in last session.Move below 19095 marked for a probe of 19040/19010 for tail test which they did via drive with a move till 19015 then bounced from tail zone of last session..Failing to stay below 19040 and move above 19090 marked for 19120/19150/19210/19240 and they made 19210 straight in first session then held higher all session to close at highs.

Back to back imbalance IB period gone for range extn higher with volume leaving extn handle.Good effort from buyers today in morning session to push for another short covering profile.This extn handle good swing support now.

Buyers of today now should defend 19200 and get drive up next session to get higher follow through or better gap and drive up.Worst case should defend 19160 to get overlap in today upper distribution and then range extension higher they should look for if they want to continue one time frame up moves..Failing to do so and moving below 19160 could see sm liquidation towards 19120 and that goes means more possible downside.

Swing view was for 18800-19200 balance then resume downside.19200 accepted today. Balance view now activates again only if this sustains below 19120.Swing short negation is kept at 19310..If that goes means, swing short view negates.Back to back short covering profiles usually weakens structure and should resume balance/back to old trend after such profiles.Not doing so and buyers manage to get another higher value day and starts accepting above swing negation 19310 means then possible for sharp intra move towards 19365/19410.

Levels wise for next session, not able to stay below 19205 and move above 19235 could probe 19270 if accepts 19295-19310 possible and more bullish if sustains 19310 for 19340/19365/19390-19410.Not able to stay above 19290-19310 and move below 19230 could get 19205-19195 and weak below that for 19160/19130-19115 if sustains 19080-19070/19040/19015/18975 possible.

Charts and data :

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